Application to Hon'ble Prime Minister Mr. Sushil Koirala,
Copy to Hon'ble Finance Minister Dr. Ram Sharan Mahat
from Mahalaxmi Garment Industries (MGI) Nepal through Aarthik Rastriya Dainik (Economic National Daily )
on 16th September 2014 ( 2071-05-31 B.S.)
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English Translation of the above application as follows :
MGI Nepal
MAHALAXMI GARMENT INDUSTRIES
www.mginepal.blogspot.com
Respected Honorable Prime Minister Mr. Sushil Koirala,
Carbon Copy: Honorable Finance Minister Mr. Ram Sharan Mahat
Honorable Prime Minister, On Date: March 20th, 2014 (6th Chaitra, 2070) under registration no. C-9536, the industry had submitted application providing the details of critical issues that the industry has been experiencing and humbly requesting for the solution. The same application was also submitted to the Honorable Finance Minister on the same date.
The internationally reputed garment industry and one of the best readymade garment industries of Asia, leading manufacturer and exporter of Nepal - Mahalaxmi Garment Industries (MGI) successful growth and potential received the permission from Nepal Rastra Bank (NRB) to open Liaison office in United States of America in the year 2000 A.D. (Fiscal year 2056/57).
The industry had been approved with the current loan limit of 330 million from Rastriya Banijya Bank (R. B. Bank). Although the industry had been paying interest on regular basis and maintaining the loan and the industries’ business was running within the approved and provided limit, RB Bank Central Office suddenly without any reason put a stoppage on the industries’ business in the beginning of fiscal year 2057/58 because of which the industry had to directly bear the loss of NRs. 350 million.
Since the beginning of Fiscal year 2057/58, the business of this industry was abruptly ended without any reason and was not effective for a year because of which R. B. Bank Bishal bazar Branch, Kathmandu took a concern over the matter since both the bank and the industry were to face direct loss due to this, board meeting no. 14 was held on 17th Shrawan, 2058 that made a decision and sent the board's decision letter (reference no. 37/159) to RB Bank Head office, Singha Durbar Plaza, informing the need to reopen the industry promptly. The copy of above-mentioned board minute is available on the website: www.mginepal.blogspot.com
For the business of this industry, the bank had provided the current loan limit of 33 crore with the collateral of land and building of plot no. 266, 267 and 268, land and building of plot no 374, 373, 372 and 89 of Kalimati-13, plot no. 70 and 115 of Daanchhi 9 (KHA) and plot no. 647 and 648 of Kathmandu-22 approved by R. B. Bank Central Office. The current market price of these properties is around NRs. 75 crore (Rupees Seventy Five Crore).
Among the properties mentioned above, the property description plot no. 266, 267 and 268 was valuated by RB Bank on 13-07-1997 (29th Asar 2054) for NRs. 7 Crore and hence was mortgaged by the industry. But on 2062 B.S., when that property's market price was around Rs. 20 crore (Rs. Twenty Crore), RB Bank without re-valuation made a so-called tender notice of only 7 days and illegally transferred the property for Rs. 4 Crore 22 lacs only. Breaching the tender conditions no. 4 and 6 and also going against the rule of Nepal Rastra Bank, before the deposition of bidding amount, the property was bar lifted in Land Revenue Office, Kalanki by RB Bank and was transferred in the name of the company who acknowledged the bidding. Again, it can be clearly seen that the property was put under cent percent loan by RB Bank under the company who acknowledged the bidding only after which the bidding amount was deposited. Regarding this, all the evidences are provided in the website: www.mginepal.blogspot.com. I sincerely request to re- register the property on my ownership.
Regarding the bidding published on Date: July 1, 2005 (17th Asar, 2062) for the property plot no. 266, 267 and 268, while asking for a meeting to the bank, I was not provided with the time and hence had to publish a public notice on Date: July 12, 2005 (28th Asar, 2062) in the front page of Gorkhapatra National Daily stating that if the bank as per previous practice (sabik bamojim) re- opens the industry's business, the industry is ready to pay the prinicipal loan NRs. 28,96,54,261/88. But this notice was also ignored by the bank. Regarding this, all the evidences are provided in the website: www.mginepal.blogspot.com.
Without completing the procedure, R. B. Bank registered case against the industry in Honorable Debt Recovery Tribunal (DRT) and I, the industrialist myself was defending my case. I want to notify that Honorable DRT passed an order to provide evidential documents which wasn’t provided by RB Bank and RB Bank was also not able to provide a reason on the stoppage of the industry's business.
Honorable Prime Minister, for more than a decade, I, the industrialist have been requesting verbally and on written to various national bodies along with the bank to regularize the industry's business as per previous practice (sabik bamojim) so that the industry can repay its loan of NRs. 28,96,54,261/88 (Rs. Twenty Eight Crore Ninety Six Lakh Fifty Four thousand two hundred and sixty one rupees eighty eight paisa only).
I, the industrialist have provided all the details with evidence in website: www.mginepal.blogspot.com
Anticipating to be favoured from Honorable Prime Minister
Applicant
Brij Gopal Innani
Mahalaxmi Garment Industries
Red Cross Road, Opposite Grand Hotel, Tahachal
Post Box No. 4206, Kathmandu, Nepal.
E-Mail:- mahalaxmigarmentindustries@gmail.com