SBI: Public sector telecom company MTNL is getting stuck in the quagmire of trouble. SBI has declared MTNL as NPA due to non-payment of loan. Also, SBI has warned that if it fails to make payment, interest along with penalty will be charged from it. MTNL has to repay SBI loan of Rs 325.53 crore. SBI has said that if payment is not made on time then it will also start legal process.
MTNL has to pay Rs 325 crore to SBI
MTNL (Mahanagar Telephone Nigam Limited) informed in its exchange filing that SBI (State Bank of India) has put it in the NPA category. He has to repay more than Rs 325 crore to the bank by September 30, 2024. Earlier, Punjab National Bank and other banks had taken similar action against MTNL on September 9. SBI has written in its letter sent to the telecom company that you have failed to pay the installment till June 30. After this, after 90 days, your account is being declared NPA on 28th September.
Other banks can also take action against the telecom company
This decision of SBI can create mountains of troubles for MTNL. SBI has demanded immediate payment. The bank has asked MTNL to immediately pay Rs 281.62 crore out of Rs 325.52 crore so that its account can be reopened. If MTNL does not pay this amount, then Union Bank of India and Bank of India can also initiate similar action against it. Besides, Punjab & Sind Bank and UCO Bank can also take a decision on this matter soon.
MTNL preparing to sell its 158 properties in Mumbai-Delhi
MTNL had a total debt of Rs 31,944.51 crore as of August 30, 2024. The company had informed the stock exchange that it had failed to make loan payment of Rs 422.05 crore in August. Money from many banks was involved in this. SBI has also asked for cash flow information from MTNL. MTNL has also made preparations to sell its 158 properties in Mumbai and Delhi. Besides, many places will also be put on rent.
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