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Son’s firm gave Pawan Kumar Bansal Rs 15 lakh unsecured loan

Author: Rohan Dua
Publication: The Times of India
Date: May 10, 2013
URL: http://timesofindia.indiatimes.com/india/Sons-firm-gave-Pawan-Kumar-Bansal-Rs-15-lakh-unsecured-loan/articleshow/19977678.cms

Despite Union railway minister Pawan Kumar Bansal's claim that he had no financial links with the companies owned by his kin, documents show that he had taken a Rs 15-lakh loan in 2011 from Theon Pharmaceuticals — a firm owned by his wife Madhu and sons Amit and Manish - for a modest interest rate of 3%.

 Bansal had paid the interest amount of Rs 46,357 incurred in financial year 2011-12, documents submitted by Theon to the registrar of companies revealed.

 Bansal has so far denied any financial links with the firms owned by his sons or nephews. However, documents in possession of TOI show that Theon extended the loan to the minister even though he was not holding any official position in the company.

 The papers also show Bansal as a relative of a key management personnel. It describes the transaction between Bansal and Theon as an unsecured loan.

 TOI had reported on Thursday that during 2011-12, Theon Pharma's borrowings from Canara Bank were topped up to Rs 23 crore from Rs 7 crore in 2007.The flow of loans to Theon from Canara Bank had started in 2007 when Bansal, then minister of state for finance, installed the family auditor and his sons' business partner Sunil Gupta as a director with the bank.

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