The Telegraph
Since 1st March, 1999
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Tayal blames Bangurs for travails

Mumbai, May 13: Bank of Rajasthan (BoR) chairman Pravin Kumar Tayal, walking out a free man after his arrest last week, accused the Bangurs of ganging up with Overseas Capital’s V. K. Gupta to malign him.

Overseas Capital filed the civil suit that led to Tayal’s confinement. The BoR chairman was granted bail by Jaipur’s additional chief judicial magistrate, who ruled that the dispute over non-delivery of shares did not, prima facie, amount to a cognisable offence. Talking to reporters at press conference in Mumbai, he charged Overseas Capital with being party to the designs of Bangurs, the previous promoters of BoR, in the slander.

Though he said the Bangurs were scheming “to spoil the image of the bank and the Tayals”, he offered nothing to substantiate the allegations.

OCL entered into an agreement with Krishna Texport & Capital Markets (in which P K Tayal was the director) in 1995 to take delivery of 1 lakh shares of Beta Securities after paying Rs 29.75 lakh, and an additional Rs 1 lakh as token. Tayal, however, said Overseas Capital could not pay the amount, forking out only part of the sum and requesting twice that it be given more time. Having cited liquidity problems as the reason for the delay, it slapped a legal notice on Krishna Texport in November 1998 saying there was no question of taking delivery of shares since their prices had fallen sharply.

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