Repeated requests, follow-ups and legal notices slapped on
Karvy Stock Broking Ltd
(KSBL) did not help
IndusInd Bank
since 2019 in ensuring repayment of Rs 137 crore loan taken from them.
“The bank tried its best to get clarity on the repayment schedule or the status of repayment. Despite repeated oral remainders and calls to
C Parthasarathy
, no reply was forthcoming as to when the repayment will be made,” IndusInd Bank told police at the time of lodging the complaint.
“On some occasions they assured the bank that they will pay on time and even at this stage they confirmed that security was available to cover the bank’s exposure,” the bank said.
Later, the bank served demand notices to KSBL and Parthasarathy saying that they repay the dues in five days.
At this stage, the bank was under the impression that they are secured since they have sufficient collateral in the form of pledged
securities
to recover the outstanding dues.
But IndusInd bank got a rude shock after SEBI in November 2019 took action against KSBL, and IndusInd bank knew they had no collateral left as a surety.
Finally, IndusInd bank approached the Hyderabad police detective department.
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