Former SBI chairman Pratip Chaudhuri bail plea hearing adjourned to Nov 9
Pratip Chaudhuri was arrested on November 1 in connection with an alleged loan scam related to the sale of a hotel belonging to the Godawan Group in Jaisalmer at a tenth of its claimed valuation, to Alchemist ARC, where he is now the director.
November 08, 2021 / 06:35 PM IST
Former SBI chairman Pratip Chaudhuri [Image: Wikimedia Commons]
The bail plea hearing of former State Bank of India (SBI) Chairman Pratip Chaudhuri, who was arrested in the Jaisalmer Hotel Loan Case, remained inconclusive on November 8. The court has adjourned Pratip Chaudhary’s bail plea hearing to November 9, CNBC-TV18 reported.
The SBI ex-chairman was arrested on November 1 in connection with an alleged loan scam related to the sale of a hotel belonging to the Godawan Group in Jaisalmer -- which is a non-performing asset (NPA) -- to Alchemist ARC.
Chaudhuri was arrested following a petition filed by former directors of the hotel property with the Chief Judicial Magistrate - Jaisalmer. The director accused him of facilitating the sale of the Rs 200-crore property at a throw-away price of Rs 25 crore to Alchemist ARC, after the SBI had seized the hotel following a default on loan.
The petitioners claimed that the Godawan properties’ NPA was assigned to Alchemist Asset Reconstruction Company in 2014, six months after Chaudhuri resigned as the SBI chairman and joined the board of Alchemist ARC.
Refuting claims of cutting a sweetheart deal, the SBI has said in a statement that due process as per the bank’s policy was followed during the NPA loan account sale to Alchemist ARC. “It appears from the copies of the proceedings now accessed by us that there have been some factual inaccuracies in the complainant’s version submitted to the Hon’ble court,” the bank said.
It further stated that the ‘Garh Rajwada’ hotel in Jaisalmer, which was financed by the SBI in 2007, had remained incomplete for more than three years. After the main promoter passed away in the year 2010, it had turned into a non-performing asset by June 2010.