Bank seals Higher Secondary School for loan recovery

A cooperative Bank seizes Dr Baliram Hiray Higher Secondary School for loan default in Dari village of Nashik and owned by Anand Education Society (AES), a family trust owned by Nationalist Congress Party politician and former parliamentarian Devidas Pingle. The Nashik Merchants’ Co-operative Bank (Namco) has sealed a school for its alleged failure in repaying loan of Rs 56 lakh, PTI reported.

The future of around 600 secondary and higher secondary school students hangs in balance after the Nashik Merchants Cooperative Bank (NMCBL) attached the school building and premises for defaulting on a loan repayment.

On July 11, 2012, the school was forcibly seized by the bank officials to implement a three-year-old order passed by the district collector in favor of the bank.

All the classrooms, the office, the chambers of the principal and other top officials were sealed by the bank in an attempt to recover its dues. In 1998, Mr. Pingle had availed of a Rs. 20 lakh loan from the Nashik Merchants Cooperative Bank (NMCBL), a multi-state scheduled bank.

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