Subject :
Non-Receipt of EMI by The Collection Manager of
Standard Chartered Bank, 19 N.S. Road, Kolkata 700001,
against SME LAP Residential Loan A/c No. 47828293.

Sir,

With reference to the above, we would like to bring to your notice that M/s Vinita Projects Private Limited (Company), during the month of August 2009, had availed a Loan of Rs. 106.00 Lakhs from Standard Chartered Bank under the category of “SME LAP Residential”. The Loan A/c No. being 47828293. The company availed this loan being an applicant and the co-applicant being the then directors of the company viz; Sri Sudhir Garhwal, Sri Mohan Garhwal and Smt Sharda Garhwal. It was a simple loan against the property owned by Sri Mohan Garhwal and Smt Sharda Garhwal. However, prior to the loan from SCB the “LAPed” property was under Home Loan from ICICI Bank Home Loan to Sri Mohan Garhwal and Smt Sharda Garhwal. Thus, Standard Chartered Bank (SCB), against the said “LAP”, disbursed around Rs. 50.18 Lakhs and paid directly to ICICI Bank to take charge of the “Original Property Papers” and further and later disbursed an advance around Rs.55.81 Lakhs to the Company.

The company continued and kept on paying the EMI’s to SCB as scheduled. Sometime around December 2009 all the directors of the company Sri Sudhir Garhwal, Sri Mohan Garhwal, Smt Chanda Garhwal, Sri Sangita Garhwal and Smt Sharda Garhwal divestitured their equity shares of the company to Sri Mukesh Goel and Sri Manoj Goel. Thus Sri Sudhir Garhwal, Smt Chanda Garhwal, Smt Sangita Garhwal and Smt Sharda Garhwal resigned from the directorship of the company and Sri Mukesh Goel and Sri Manoj Goel was appointed as the new Directors of the company followed by an agreement of mutual understanding and a resolution that Sri Mukesh Goel and Sri Manoj Goel shall take charge of the company and shall continue to operate the company without any interference of Sri Mohan Garhwal and other old directors of the company. It was also agreed in the MOU that all liabilities of the company, whatsoever and prior to the appointment of the new directors Sri Mukesh Goel and Sri Manoj Goel, shall be borne by the old directors of the company viz; Sri Mohan Garhwal and others old directors those who have resigned from the directorship.

The company, under the new management of Sri Mukesh Goel and Sri Manoj Goel also continued to repay the EMI of “SEM LAP Loan from SCB” as Sri Mohan Garhwal and old directors were under financial crisis and were unable to repay the said EMI and as one part of the advance/loan from SCB was taken into the company books. So in order to keep the loan account regular in nature the EMI was being served regularly until October 2011.

During the month of November 2011 there was some confusion between the new management and the old management and consequently the EMI for the said SME LAP from SCB remained unpaid for the month of November 2011. However such confusion got resolved in the next month, that is December 2011 and the company realized that the EMI for the month of November 2011 has fallen overdue. Hence the company decided to pay the EMI for the month of November 2011 along with the current months’s EMI (December 2011) and on 19th December 2011 the company called upon the Collection Manager of Standard Chartered Bank, Mr. Vinod J, to immediately collect the 2 month’s EMI (November 2011 & December 2011). To the company’s astonishment the Collection Manager didi visitied our office but simple refused to accept the EMI payment and threatened us to take us to court and defame us as a willful defaulter. We were simple shocked the way the Standard Chartered Bank senior official abused us for we failing to re-pay just 1 (One) EMI of the said SME LAP Loan from SCB. Over and above we still apologized to the SCB Officer for the delay and assured him that in future we shall never delay the EMI re-payment and we offered him the 3 Cheques to pay the EMI for the month of November 2011, December 2011 and, in advance, for the month of January 2012. The cheque Nos. 817881 & 817882 each of Rs.147899/- dated 19.12.2011 drawn on The Karur Vysya Bank Limited, Burra Bazar Branch were being given to facilitate the EMI payment for the month of November 2011 while Cheque No. 817883 for Rs. 147899/- were being given to facilitate the EMI payment for the month of January 2012.

The SCB Collection manager, at large, refused to accept any EMI re-payment from us on 19th December 2011 and left our office with a threatening note of dear consequence which we would have to face for not paying the EMI as stated above. We immediately wrote a request letter to the Standard Chartered Bank to please accept our EMI repayments but the bank refused to accept any such letter. Subsequently, on 20th December 2011 we “Speed-Post” with “AD” the same letter enclosing the said Cheques to facilitate the EMI re-payment. The same is yet to be received by the bank.

Sir, we fail to understand such rude behavior from the Standard Chartered Bank to a company who has been servicing the EMI for the said SME LAP Loan. Moreover, the company is enjoying advances from other Banks and it has never faced such un-ethical behavior of Bank towards its customer. The company maintains good and regular accounts with other banks.

Hence we request you to take a note of all the above said events and help us from such un-ethical practice of the Bank or probably from the un-worthy Bank’s Officers.

Thanking you.
Yours Truly
For Vinita Projects Private Limited
sd\-Mukesh Goel
Director