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Our Bureau

Chennai , July 15

PENTAMEDIA Graphics, the Chennai-based company that is engaged in multimedia and animation, owes over Rs 180 crore to a number of banks, including Oriental Bank of Commerce.Similarly, another company in the group, Pentasoft Technologies, owes nearly Rs 90 crore to various banks, according to limited review reports of both the companies for the quarter ended March 2005, prepared by CNGSN & Associates, Chartered Accountants, and provided to the Natioanl Stock Exchange.

Pentamedia entered into an MoU with Global Trust Bank on December 19, 2003 for discharge of a total liability of Rs 111.55 crore (for an amount due of Rs 114.19 crore).

Consequent upon the MoU falling apart, Oriental Bank of Commerce - which acquired Global Trust Bank - has reverted to its original position of Rs 125.23 crore, it said. Similarly, Pentamedia entered into an MoU with Bank of India on February 20, 2003 for discharging a liability of Rs 21.50 crore (for Rs 30.92 crore).

The company has discharged a liability of Rs 14.99 crore. The principal payable as of March 31, 2005 was Rs 7.03 crore, the report said.

The company also entered into an agreement with UTI Bank on October 9, 2003 for discharging a total liability of Rs 35.74 crore. The principal outstanding as on March 31, 2005 was Rs 35.74 crore, the report said. With HSBC Ltd, Pentamedia had entered into an agreement on September 2, 2004 for discharge of a total liability of Rs 5 crore (for an amount due of Rs 10.60 crore).

As at March 31, 2005, owing to defaults on the Debt Recovery Tribunal (DRT) order dated September 2, 2004 the bank has reverted to the original standard of Rs 10.6 crore, it said. With KSSIDC, the principal liability outstanding as on March 31, 2005 was Rs 3.15 crore. The above amounts due as on March 31, 2005 to banks do not include any interest that may accrue on the above principal amount due from October 1, 2004 to March 31, 2005.

On Pentasoft, the report said that the company has defaulted to the extent of Rs 24.58 crore to GTB due to non-repayment of principal amount by the company and the guarantor.

As on March 31, 2005 the company owes Rs 24.52 crore to Corporation Bank (with DRT), Rs 13.7 crore to United Western Bank (with DRT), Rs 10.80 crore to Dhanalakshmi Bank (with DRT), and Rs 19.68 crore to UTI Bank. The above amounts due to March 31, 2005 to banks do not include any interest that has accrued during the year, since the matter has been referred to DRT.

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