Sanghi Ployesters Ltd, which failed to repay loans worth about Rs 2,000 crore, was seized by the banks on Saturday. The Sanghi companies have been in trouble for some time now, mostly due to mismanagement and internal feud among the brothers. The employees have been left in the lurch as a result. The company owes Rs 28 crore towards salaries.
Girish Sanghi, one of the promoters, runs Vartha daily, which is also in a shambles for a long time now. Most of the editorial staff left the company because of non-payment of salaries for months together. The circulation declined to around 50,000 copies, according to insiders.
Despite all this crisis, Girish Sanghi wants to be a Rajya Sabha member for a second time from the Congress Party!
Here is the report:
Bank officials on Saturday seized the premises of Sanghi Polyesters Ltd at Sanghinagar in Hayathnagar mandal of Ranga Reddy district for failing to repay loans. According to officials, Sanghi Polyesters, part of the Sanghi Group promoted by brothers Girish Sanghi and Ravi Sanghi, had failed to repay loans worth about Rs 2,000 crore to 12 banks, including Allahabad Bank, the major lender.
The premises were seized following orders of the Ranga Reddy district metropolitan civil court at L.B. Nagar. “Bank officials seized the premises. We only provided protection,” said Vanasthalipuram ACP B. Srinivas Reddy. Around 600 cops from police stations including Ibrahimpatnam, Hayathnagar, Vanasthalipuram and L.B. Nagar were deployed at the site.
Company shutdown was illegal: Employee union
Bank officials had approached the court after their efforts to auction the premises of Sanghi Polyesters Ltd at Sanghinagar had met with resistance from the company’s employees. However, Saturday’s operation also did not go smoothly as about 280 employees of Sanghi Polyesters obstructed the bank staff resulting in a scuffle.
As the employees stepped up the agitation, the police forcibly took them into custody and shifted them to nearby police stations. The leaders of the Sanghi Employees Union had vowed not to move out of the premises until they were paid Rs 28 crore due to them towards 14 month salaries. The police initially tried to convince them to settle the issue in court.
SPL which is into manufacturing Polyester Filament Yarn is part of the Sanghi Group being promoted by Sanghi brothers. Meanwhile, CITU flayed the attack on the factory workers. “The company was shut down illegally. It’s not right to attack employees who had been staging protests for the last 11 months, seeking an assurance with regards to payment of dues and other entitlements,” CITU leaders said. They said the management, bankers and police had conspired to cheat the workers.
{Deccan Chronicle}
