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SBI, banks gave defaulting Sterling owners `1.3K cr guarantees

DNMUM437469 | 6/11/2019 | Author : Manju AB | WC :708 | Business & Economy

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The State Bank of India’s (SBI) loan sanction process to a subsidiary of debt-laden pharmaceutical company Sterling Biotech has come under a cloud. A consortium banks led by the SBI provided guarantees of Rs 1,298.10 crore to Sterling Biotech’s overseas oil subsidiary when the promoters of the company, Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel, were already in the Reserve Bank of India’s (RBI) wilful defaulters’ list. Two domestic companies, Sterling Biotech and Sterling SEZ & Infrastructure Ltd, had unpaid dues of Rs 15,500 crore to a clutch of domestic banks.
The guarantees were in the form of Standby Letter of Credit (SBLC), which the SBI said was to secure the stressed domestic loan.
The RBI, wh
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