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Future of 1200 kids at stake, as school defaults on Rs 1.25 cr PNB loan
Sources also says that the proprietor is not willing to pay back the loan he has taken
Updated : Apr 20, 2018, 06:35 AM IST
 "Lotus School")
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This time Lotus School of Isanpur, Ahmedabad added to the list of the defaulters of Punjab National Bank. The bank has left a notice on the gates of the school reminding them about the due amount of Rs1.25 crore.
After many reminders from the bank, the notice was put up last Friday, after the school's exams got over. Around 1,200 students are enrolled at the school, including children from junior kindergarten to Class 12. The notice states if the management fails to pay the amount, they will attach the property.
It states that the bank had issued a demand notice to school trustee M/s Shreeji Education and Charitable trust / M/s Shreeji Enterprise (Sole Proprietor Bhaveshbhai Patel) to repay the amount mentioned in the notice i.e. Rs 1.25,79,977 as on December 31, 2015, within 60 days from the date of notice.
Sources also said that the proprietor is not willing to pay back the loan he has taken. "He had initially paid two to three installments, after which he stopped. In the mean time, he married off his daughter lavishly."
One of the management member on condition of anonymity said, "Loan taken by the proprietor was not in our knowledge. We came to know about the fact only on last Friday."
"The bank was kind enough to issue a notice after the exams got over. This will come as a shocker to the parents, because a failure to repay the loan will result in the property being attached," he added.
"The question is about the future of the kids. There are 1,200 kids studying here," added the source.
The school was established in 1986.
EDU MATTERS
After many reminders from the bank, the notice was put up last Friday, after the school’s exams got over. Around 1,200 students are enrolled at the school, including children from junior kindergarten to Class 12.
