through this message board i want to ask following queries to management of state bank of india as i have sent so many mails to top management of sbi but not getting any proper reply
1 state bank of india are the main principal banker of a public listed profit making company name super tannery ltd a listed company in bse since 1993
2 the total market cap of super tannery shares as on date is just between rs 20 to 25 crores only as per current market rate of just rs 7 per share but state bank of india have provided super tannery secured loan of rs 75 crores
3 from the above it is indicated that sbi have provided secured loan of rs 75 crores at per share valuation of rs 21 per share against super tannery fixed asset security of rs 100 to 150 crores at per share valuation of rs 42 per share
sbi must have taken above asset security from super tannery against secured loan of rs 75 crores provided to super tannery
4 i and my family members are holding approx 5% equity shares of super tannery and there is sbi debt of rs 3.75 crores on our equity out of total secured loan of rs 75 crores provided by sbi to super tannery this is a true fact and no one can deny it
5 i have written to top management of state bank of india that we want to pledge our shares of super tannery to sbi and grant us overdraft/loan against super tannery shares
in response to our above request i was shocked and surprised to get reply from sbi that they dont recognise super tannery shares as per banking rule and criteria and hence they can not provide any loan against super tannery shares to minority general public shareholders
is it not a wrong doing and injustice to general public shareholders of super tannery by management of sbi the main question is now then why sbi have provided secured loan of rs 75 crores to super tannery when the market cap of super tannery shares are just rs 20 to 25 crores and why sbi is hesitant to provide loan against shares of same company to public shareholders of same company
6 i have also written to state bank of india that sbi mutual fund are subsidiary of state bank of india why sbi mutual fund are not buying shares of super tannery from market at current total market cap of just rs 20 to 25 crores to whom sbi have provided secured loan of rs 75 crores
why sbi mutual funds are buying only index based and nifty based stocks for their portfolio which seems to be very much over valued compare to their nav/book value
whatever i have written above are true facts as per my view state bank of india are the largest banker of india and governed by president govt of india
state bank of india have not been made for only large cap companies and they should not see the interest of only promotors of a listed company
they should take care of general public shareholders of listed company
7 to protect and safe guard general public shareholders of super tannery i have also requested sbi to nominate one of their director in super tannery board but no response has been given by sbi
through this message board publicly i once again request management of sbi to take care of general public shareholders also and should consider request of super tannery general public shareholders with positive mind
kishore patni
shareholder of super tannery since 1994-95
I have sometime back read about a forum (in MMB) which helps people like you by taking up the matter with the proper authorities. I forgot the name of it but I will try to fish out the details and revert to you soon.
thanks for your comments but i am persuing this matter very seriously with top management of sbi
i have sent mails to chairman sbi, managing director ccro and chief general manager sbi mumbai but not getting any proper reply
i got letter from chief general manager mumbai that they can not provide loan against super tannery shares as per their banking rule and criteria so simply writing and denying the matter will not serve the perpose
it is a true fact that state bank of india kanpur overseas branch are the main principal banker of super tannery ltd they have provided secured loan of rs 75 crores to super tannery whereas total market cap of super tannery shares are just rs 20 to 25 crores
i and my family members are holding approx 5% equity of super tannery and there is sbi debt of rs 3.75 crores on our equity out of total debt of rs 75 crores of sbi
so how sbi can deny loan to us against super tannery shares if they are denying then why they have provided loan of rs 75 crores to super tannery putting various minority public shareholders under huge debt of sbi
i am also contineously writing also to sbi to immidiately nominate one of their director in super tannery board so why they are hesitating to nominate sbi director in super tannery board to give financial safety and protect minority public shareholders interest
through this message board i once again request top management of sbi to look in to the matter very seriously they should not take up above issue very lightly they should give justice to minority public shareholders of super tannery
kishore patni, Incase you are convinced of the facts stated by you and no proper reply is received from SBI, you may take up the matter with Central Vigilance Commission for looking into the matter.
Under Right to Information, you can seek all information you want from SBI who have to give you the same compulsorily. Then based on that you can go strongly with your case to the CVC.
THE ENTIRE MANAGEMENT OF STATE BANK OF INDIA ARE MAINTAINING TOTAL SILENCE AND NOT GIVING ANY RESPONSE TO MY MAILS
IT CLEARLY INDICATE THEY DONT HAVE ANY REPLY
I HAVE ALSO SENT MAIL TO CHAIRMAN SEBI THAT HE SHOULD LOOK IN TO THIS MATTER AND ADVISE CHAIRMAN SBI TO NOMINATE ONE OF SBI DIRECTOR IN SUPER TANNERY BOARD IMMIDIATELY
WE SHAREHOLDERS OF SUPER TANNERY TO WHOM SBI HAVE GIVEN SECURED LOAN OF RS 75 CRORES AGAINST MARKET CAP OF JUST RS 20 CRORES ARE VERY MUCH WORRIED THAT WHETHER OUR LONGTERM INVESTMENTS MADE IN SHARES OF SUPER TANNERY IS FULLY SAFE AND SECURED OR NOT AND FOR FINANCIAL SAFETY AND SECURITY OF GENERAL PUBLIC SHAREHOLDERS WE ARE INSISTING SBI MANAGEMENT TO IMMIDIATELY NOMINATE ONE OF SBI DIRECTOR IN SUPER TANNERY BOARD BUT SORRY TO SAY THAT SBI IS NOT AT ALL LISTENING WHICH IS NOT AT ALL APPRICIATED
SO LET US SEE THE FURTHER DEVELOPMENTS THAT WHAT CHAIRMAN SEBI GIVE US REPLY
| NIFTY 
