In the letter the bank mentioned that it had sanctioned a cash credit loan of Rs 100 crore and a term loan of Rs 17 lakh in favour of M/S North East Region Financial Services Limited in which Keishing James Lalrongbawl was a director and personal guarantor.
New Delhi: The Punjab National Bank has sent a letter to the election commission of India (ECI) and claimed that a Congress candidate, Keishing James Lalrongbawl, who is contesting from the outer Manipur Lok Sabha constituency is a wilful defaulter and the recoverable dues from his are Rs 116.31 crore.
The PNB sent the letter to the chief election commissioner of India on March 28.
Following the letter, the chief electoral officer (CEO) of Manipur has directed the returning officer of Thoubal district to take appropriate necessary action as deem fit under the rules and instructions of the ECI.
Manipur CEO has directed the returning officer by sending a letter on March 29.
In the letter, the bank mentioned that it had sanctioned a cash credit loan of Rs 100 crore and a term loan of Rs 17 lakh in favour of M/S North East Region Financial Services Limited in which Keishing James Lalrongbawl was a director and personal guarantor.
"Due to non-payment of dues, the account turned NPA (Non-Performing Asset) on 30-09-206 as per guidelines of the Reserve Bank of India. Despite a lapse of almost three years from the date of NPA, the company and its directors failed to repay wilfully and as such we are now in the process of declaring them as wilful defaulters as per guidelines of the RBI. As on date, the total recoverable dues from the defaulters is Rs 116.31 crore and interest thereof since 30-09-2016. Bank has also filed a recovery suit (OA-582/17) at DRT, Guwahati on 30-12-2017 and R.C. has been issued in favour of the bank," the letter read.
The letter further stated, "We have come to know that Keishing James Lalrongbawl (director of North East Region Fin Services Ltd and also a personal guarantor in the loan account), PAN no – AGCPJ0272F, DIN -00386167, is going to contest in the upcoming Lok Sabha elections from Outer Manipur seat from Indian National Congress and has thus decisively resigned from the Directorship of the company in order to suppress the fact of availing loan."
The PNB has requested the chief election commissioner of India to take all necessary action against Lalrongbawl as may be warranted under the law so that such defaulters of public money be deterred from contesting the upcoming Lok Sabha elections in the better interest of the country.
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Last Updated 1, Apr 2019, 2:27 PM