Hasaman Infotech downs shutters, will re-open later

News was in the air that Hasaman Infotech, owned by PD Hasija

and an old player in Nehru Place, has closed down its business in Nehru Place.

But when contacted, Hasija said, "We have closed down the showroom only to

settle all the accounts with our business partners. And once it’s settled, we

will re-open but will do business only in cash." He has been in this

business for the last 15 years or so.According to market sources, he is in deep

financial crunch, which is the main reason for his closing the business. Earlier

it was rumored that he had run away.

Said Manoj Gupta, Director, Challenger Computers, "Hasija is my next door

neighbor and when his shop didn’t open for two-three days, we became

suspicious. His cheques also began to bounce. Then one night one of our people,

who had been kept on night duty especially for it, saw Hasija’s boys come and

remove all the products. That’s when we pounced on them and demanded that

unless our balance is cleared nothing can be taken. To which they amicably

agreed and in lieu of payment we took the products according to our

requirements."

He also added, "With the help of DCTA, who took over the company on behalf

of the association, almost 80 percent of the people have been returned their

money. Just about 20 percent are now left."

According to JP Bansal, Director, Frontline, "He has paid 10 percent of the

balance to the people whose money he owns and has promised to pay the remaining

amount within 30 days." When asked about the reaction of the affected

parties, he said, "People are calm and he is paying all the balance."

When contacted, Mahinder Agarwal, President, DCTA, claimed, "In the history

of DCTA, this is the first time that a party, who is closing his shop, has

contacted us and expressed his intention to pay the balance of the people. He

wanted us to intervene as he feared that people might become unruly. So on

behalf of the association, I have cleared almost all the pending payments. And

people have been paid in products according to their individual

requirements." He also informed that now only the balance of three people

is remaining, which should be completed within a couple of days.

Hasija gave his side of the story. "Till now, we did business on credit,

which ended up being more costly for us. Because of which we hardly made any

margins. Therefore, to do away with this problem, we decided to shut the

showroom, settle everyone’s account and re-open it and do business in cash

only."

Giving an insight into government red-tapism, which landed him in the present

mess, he said, "I have received a very discouraging response from the

banks, due to which I am in this financial crunch. The bank is supposed to send

an LC to our partners in Taiwan and unless they receive it, we can’t get the

shipment. But for the last eight months, due to the lackadaisical attitude on

the part of Bank of Punjab, the company failed to receive the same. The result

being that we didn’t get our shipment, which ultimately trapped us in

financial difficulties. But now, we have changed our entire strategy. We have

already appointed new staff for the showroom and no business will be done on

credit anymore–it will be purely cash-based. And we have received en-couraging

response from our partners too who have promised to extend their support to

us."

Karma Negi


New Delhi