Yashovardhan Birla declared willful defaulter by UCO Bank

UCO Bank on Sunday declared Yashovardhan Birla, the Director of Birla Surya Ltd, as a willful defaulter after the company failed to repay loans of ₹67.65 crore.

Yashovardhan Birla is also the 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 ₹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 ₹67.65 crore plus unapplied interest from the date on NPA," the notice said.

The bank further said that the borrower didn't repay the dues despite several notices served by the Kolkata-based lender.

Interestingly, UCO Bank was founded in 1943 under the aegis of industrialist G.D. Birla, the brother of Yashovardhan Birla's great grandfather Rameshwar Das Birla.