Spelling more trouble for the Kohinoor group, run by former Chief Minister and senior Shiv Sena leader Manohar Joshi’s son Unmesh, the State-run Bank of Maharashtra has taken possession of immovable properties of Kohinoor Education Trust for failing to repay loans totalling ₹65 crore. This amount will go up after adding interest.
Bank of Maharashtra, acting on behalf of other lenders — State Bank of India, and Bank of India — has taken possession of the trust’s properties in Kurla and Khandala under the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act (Sarfaesi ). A public notice to this effect was issued on Monday.
This is not the first time that the group is facing financial troubles. Earlier this year, it lost control over Kohinoor Square at Dadar after it failed to repay loans worth over ₹900 crore.
Monday’s notice names borrower M/s Kohinoor Education Trust and personal guarantors Unmesh Manohar Joshi, Madhavi Unmesh Joshi and Anagha M Joshi along with corporate guarantor M/s Hotel Airport Kohinoor Pvt Ltd and M/s Kohinoor Planet Construction Pvt Ltd and asks them to repay the loan amount with interest within 60 days from the date of the notice.
The Kohinoor Education Trust owes nearly ₹16 crore to Bank of Maharashtra, ₹38.63 crore to State Bank of India and ₹13.18 crore to Bank of India.
“Since the borrowers having failed to repay the amount, notice is hereby issued to the borrowers/guarantors that the banks have taken possession of the properties,” reads the notice. The properties include a land parcel in Kurla in central Mumbai, and in the nearby Khandala area. The lenders also took possession of two buildings of the trust situated in Khandala, according to the notice.
A detailed questionnaire sent to the Kohinoor Group by The Hindu seeking a response went unanswered. Mr Joshi could not be contacted.
