Case related to bad loan, sale of NPA at low value
The Rajasthan Police on Sunday arrested Pratip Chaudhuri, former State Bank of India chairman, in Delhi in connection with an alleged loan scam. He’s been sent to judicial custody for 14 days for an alleged sale of a non-performing asset (NPA)—Hotel Gaudavan—to Alchemist ARC at a low value.
The arrest was made on the basis of a protest petition filed by former directors of Hotel Gaudavan before the Chief Judicial Magistrate (CJM) Jaisalmer.
State Bank of India and Alchemist Asset Reconstruction Company (ARC) have maintained that a fair and transparent process was followed by the bank for assigning the non-performing asset (NPA) or the bad loan on March 20, 2014.
The petition was accepted, and non-bailable warrants were issued against Chaudhuri and Alok Dhir, promoter of the ARC, without issuing any summons or notice, alleged Manish Nihalani, chief operating officer, Alchemist ARC.
Industry lobby Indian Banks' Association (IBA) is in the process of taking up the matter with the Union finance ministry and Rajasthan government for prompt resolution.
Sunil Mehta, chief executive, IBA, said the lending and sale of assets are financial decisions and that these are executed by adhering to strict due diligence norms. Such arrests are a grave matter and the association will raise the issue with the Department of Financial Services and Rajasthan government, he said.
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