MTNL on the verge of sinking, SBI declared loans?
Public sector telecom company MTNL is getting stuck in a quagmire of trouble. sbi has declared MTNL as NPA due to non-payment of loan. Along with this, sbi has warned that if it fails to make the payment, it will be charged interest along with penalty. MTNL has to repay SBI's loan of Rs 325.53 crore. sbi has said that if the payment is not made on time, it will also initiate legal proceedings.
MTNL has to repay SBI's Rs 325 crore
MTNL (Mahanagar Telephone Nigam Limited) informed in the exchange filing that sbi (State bank of India) has put it in the NPA category. It 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 9 September. sbi has written in its letter sent to the telecom company that you have failed to pay the installment by 30 June. After this, after 90 days have passed, your account is being declared NPA on 28 September.
Other banks can also take action against the telecom company
This decision of sbi can create a mountain of problems for MTNL. sbi has demanded its payment immediately. The bank has asked MTNL to immediately pay Rs 281.62 crore out of Rs 325.52 crore so that its account can be restarted. If MTNL does not pay this amount, then Union bank of india and bank of india can also initiate similar action against it. Along with this, 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 till august 30, 2024. The company had informed the stock exchange that it had failed to make a loan payment of Rs 422.05 crore in August. This included money from many banks. sbi has also sought cash flow information from MTNL. MTNL has also made preparations to sell its 158 properties in mumbai and Delhi. Also, many places will be rented out.