The Hush Post| 05:55pm| 2-min-read
The director of Birla Surya group of industries, Yashovardhan Birla, a member of the Birla family, was declared a wilful defaulter by the UCO on Sunday. His company has failed to repay loans worth Rs 67.65 crore.
Yashovardhan Birla is also chairman of the Yash Birla Group.
In a public notice which also carried a photo of Yashovardhan Birla, UCO Bank said the account was declared a non-performing asset (NPA) on June 3, 2019.
“The Birla Surya Limited was sanctioned with credit limit of Rs 100 crore only with fund-based facilities for the purpose of manufacturing multi crystalline solar photovoltaic cells from our flagship corporate branch, Mafatlal Centre, Nariman Point, Mumbai. The present balance outstanding is Rs. 67.65 crore plus unapplied interest from the date on NPA,” the notice said.
The Kolkata-based bank said that the borrower didn’t repay the dues despite several notices served by it.
Interestingly, UCO Bank was founded in 1943 under the aegis of industrialist GD Birla, the brother of Yashovardhan Birla’s great grandfather Rameshwar Das Birla.
Although the Birlas are perceived as a single entity, the different branches of the family tree are now financially independent and widespread. The great grandfathers “Birla Brothers” of the present generation Birlas started together.
One of their predecessors the iconic GD Birla’s two wives died early because of tuberculosis. The families of his brothers Brij Mohan and Rameshwar Das Birla helped in raising his children.
Yashovardhan Birla, famously known as Yash Birla, lost his parents Ashokvardhan and Sunanda, and sister Sujata, to a plane crash in Bengaluru in 1990. His grand aunt Priyamvada, wife of MP Birla, took care of him.
It is reported that Kumar Mangalam Birla had dipped into his own resources to help Yash with his financial issues with creditors, in order to preserve the family name.
Earlier in the news for his extravagant ways, he is a father to three teenaged children now.