Himachal Pradesh loses Rs 2,100 cr in excise revenue

Vijay C Roy

Tribune News Service

Chandigarh, May 23

While Vijay Mallya and Kingfisher Airlines have been in the news over the past few months for being wilful defaulters, a lesser-known firm at Paonta Sahib in Himachal Pradesh has defaulted Rs 2,100 crore on excise front. It also owes Rs 2,167 crore to various banks. Not only this, the company has also defaulted on provident fund contribution of employees as well as employer. The total default of the firm is around Rs 4,300 crore, excluding the unsecured loan taken by it.

The firm — Indian Technomac Co Ltd — registered with the Registrar of Companies, Himachal Pradesh, is currently under liquidation. The proceeds from the liquidation of the property will be shared by the banks, Provident Fund and Excise Department.

According to information, the Himachal Government lost Rs 2,100 crore (approx.) in excise revenue in the past three years as the company defaulted on payment. 

According to sources, when the company's inter-state sales were examined, it had come to the notice of the Excise Department that most of its sales were fake. The company became sick and closed its operations in 2014.

Also, the company was a wilful defaulter and defaulted on banks' advances to the tune of Rs 2,167 crore (including interest). It owes money to Bank of India, Andhra Bank, Central Bank of India, Corporation Bank, HDFC Bank, Oriental Bank of Commerce, Punjab National Bank, UCO Bank etc. The default by the firm also puts a question mark over the functioning of the banks in sanctioning loans.

The sources said valuation of the company was done recently and its total assets, including movable and immovable property, were around Rs 150 crore. The property is under the custody of the Excise Department of Himachal Pradesh, which has deputed home guards round the clock to guard the assets of the company.