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| PNB drags Ansari brothers to court | | | EARLY TIMES REPORT
JAMMU, Apr 26: A Srinagar court Monday restrained member assembly Pattan and Peoples Democratic Party (PDP) leader, Moulana Iftikhar Ansari and his two brothers Abid Ansari and Dr Amjd Ansari from transferring their immovable property. The court took cognizance of a suit filed by Punjab National Bank (PNB) to recover loan/interest to the tune of around 16 crore.
The restrictions apply to Ansari Motors complex, its machinery, two residential houses at Qamarwari, Srinagar and all bank accounts of Ansari brothers. The PNB also sought restrictions on Highland Motors which is a rechristened version of Ansari motors.
Dr Amjad Ansari and Abid Ansari took a loan of Rs 9 crore and 3 crore respectively from the Amira Kadal branch of PNB in 2006 and 2007. They had mortgaged their residential houses at Qamarwari and the Ansari Motors with the bank. However, the installments were not paid in time. The bank had urged the Ansari brothers to deposit their daily earnings in the bank.
Defying this condition, the Ansari brothers instead rechristened Ansari Motors as Highland Motors to escape legal action. Meanwhile, the interest made the loan a whopping Rs 16 crore.
Senior Manager of the Bank, Showkat Ahmad allowed legal recourse for recovery of the loan. A suit was accordingly filed in the court of Principal Districtr Judge, Srinagar through Bashir Ahmad Bhat Advocate. The Principal District judge transferred the case to District Judge bank cases. Taking strong exception to the failure of Ansari brothers to liquidate the loan, the court restrained them from transferring their immovable property. Ansari’s son, Imran Ansari who ventured into journalism a few years ago has also been restrained from disposing off his immovable property.
The case has been fixed for hearing on May 17.
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