Hindustan Construction Company ‘syphoning off’ public money: Whistleblower writes to PMO

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The firm has incurred a debt of over Rs 10,000 crore and has been declared as a “non-performing asset” (NPA) by most lenders, Mukesh Kumar Sinha claimed in his letter.

Despite given alternatives to restructure its excellent debt, HCC continues to default on funds to banks, it stated. (Photo: Facebook/HCC.Ltd.Page)

A Gurgaon man, in a letter addressed to the Prime Minister’s Office, has alleged “serious fraud and manipulations” within the workings of real-estate agency Hindustan Construction (HCC).

The firm has incurred a debt of over Rs 10,000 crore and has been declared as a “non-performing asset” (NPA) by most lenders, Mukesh Kumar Sinha claimed in his letter.

Despite given alternatives to restructure its excellent debt, HCC continues to default on funds to banks, it stated.

The firm, in an announcement to inventory exchanges on June 13, has stated that the full default quantity of HCC stood at a staggering Rs 728.four crore.

The defaults contain 14 completely different lenders, he claimed.

The public lenders are actually trying to prolong a 3rd lifeline to the corporate and the group of a consortium of banks is mulling over bringing in new traders to handle the claims, the letter learn.

The grievance has additionally been addressed to the Director of Vigilance, Chief Vigilance Officer.

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