Free Press Journal

Bhopal: Bankers stage sit-in outside house of Rs-92cr defaulter

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BHOPAL: Senior officers of four financial institutions staged a sit-in outside the house of CE Fernandese, chairman of GEI Power Limited, adjacent to Ashima Mall, Hoshangabad Road on Thursday “to mount social and moral pressure on the businessman to repay loans”.

The officials of Union Bank of India, IDBI, MP Finance Corporation and Saraswat Cooperative Bank joined the protest. CE Fernandez and Everiyn Fernandese had taken loan of Rs 92 crore from the four institutions. Fernandese was not available for comment.

The website of the company says that “GEI Industrial Systems Ltd., an ISO 9001-2000 Company with ASME “U” & “R” Stamp is a leader in Heat Transfer Technology. The company specialises in design, engineering, manufacturing, installation and commissioning of extended surface heat transfer equipment and systems”.


Union Bank, MP Nagar manager, Bhupendra Singh Dhakad said, “We all joined hands for the protest. The main objective behind this demonstration was to mount pressure on big defaulters. It was entirely peaceful”  He said that the Fernandes owes the maximum Rs 34 crore to his bank.