SBI: Public-sector telecom company MTNL is getting stuck in trouble. SBI has declared MTNL an NPA due to non-payment of a loan. SBI has warned that if it fails to make the payment, interest and a penalty will be charged. MTNL has to repay SBI’s loan of Rs 325.53 crore. SBI has said that legal proceedings will be initiated if the payment is not made on time.
MTNL Has To Repay SBI’s Rs 325 Crore
In the exchange filing, MTNL (Mahanagar Telephone Nigam Limited) informed 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. Punjab National Bank and other banks had taken similar action against MTNL on September 9. SBI has written in its letter to the telecom company that you have failed to pay the instalment by June 30. After 90 days, your account will be declared NPA on September 28.
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. Also, Punjab & Sind Bank and UCO Bank can decide on this matter soon.
MTNL Preparing To Sell Its 158 Properties In Mumbai-Delhi
As of August 30, 2024, MTNL had a total debt of RsAugust 301 crore. The company informed the stock exchange that it had failed to make a loan payment of Rs 422.05 crore in August, including money from many banks. SBI has also sought cash flow information from MTNL. MTNL has also prepared to sell its 158 properties in Mumbai and Delhi. Many places will also be rented out.
