S Kumars Promoter told to Deposit Passport
Mumbai: The Bengaluru Debts Recovery Tribunal (DRT) has directed Nitin Kasliwal, promoters of S Kumars Nationwide, to deposit his passport on April 5, failing which the court will consider this as a contempt of court.
The ruling is in response to a plea made by lenders to recover their loans given to Kasliwal’s company. S Kumars Nationwide, which had superstar Amitabh Bachchan as brand ambassador for its Reid & Taylor brand, was once a leading texti- le and apparel company. Lenders have an exposure of around .₹ 2,500 crore, which is classified non-perfor ming assets after the company missed making payments on the due date. Kasliwal did not respond to an email sent by ET seeking his comments to the development.
This is the second attempt made by banks, in recent weeks, to impound the passport of wilful defaulters. Last months, banks led by State Bank of India tried to impound the passport of Vijay Mallya, the promoter of defunct airlines Kingfisher, but he fled the country a few days before the court hearing. The court had asked Kasliwal to deposit his passport a year ago in April 2015. Senior bank officials said despite many reminders from the court, he has been dilly-dallying in submitting the passport. Now that the court ruled it would be contempt of court if he fails to repay the dues, lenders have got some hope that they are one step closer to recovering their dues, they said.
A number of lenders have already declared S Kumars Nationwide and its promoter Nitin Kasliwal as a wilful defaulter a year ago and are now pursuing every means to bring him to the negotiating table.