Bank of India fraud case: CBI arrests two retired BoI officials in Rs 2654 crore loan scam by Diamond Power
The CBI today arrested two senior retired officers of Bank of India in connection with alleged loan fraud of Rs 2,654 crore by Vadodara-based Diamond Power Infrastructure Ltd. (DPIL). V V Agnihotri and PK Shrivastava retired GM and DGM respectively, had allegedly granted undue favours to the company in granting credit limits, the officials said. They said both have been arrested today and will be produced before a special court in Ahmedabad tomorrow. The promoters of the company were arrested in April this year. The agency in an FIR had said that the DPIL, which manufactures electric cables and equipment, is promoted by Suresh Narain Bhatnagar and his sons Amit and Sumit, who are also the directors of the firm.
UBI expects Rs 3,000 cr recovery from NCLT resolutions
United Bank of India is expecting to recover around Rs 3,000 crore out of a total of Rs 5,951 crore, by way of resolutions through the National Company Law Tribunal (NCLT), the public sector lender’s MD and CEO Pawan Bajaj said today. Altogether 40 cases were referred to the NCLT of which Rs 580 crore had already been recovered by the bank, Bajaj told shareholders at the annual general meeting here. “Now, all the cases referred to the NCLT will be ready for resolution, as the stipulated time limit is going to be over and reached the last stages of settlement,” Bajaj said.
Banks working closely with UK agencies to recover dues from Mallya: SBI MD
The State Bank of India NSE 0.29 % (SBI) hopes to recover a significant amount of debt from Vijay Mallya after a UK court ruled in favour of Indian banks by granting permission to local authorities to enter the estate of the fugitive Indian businessman and seize possessions. “Going by the assets that we have we feel that it will be significant amount of debt, if not the whole amount,” said Arijit Basu, a managing director with SBI. The outstanding exposure of the consortium of 14 banks led by SBI, the largest bank in the country, to the now defunct Kingfisher Airlines NSE -11.11 % account is Rs 7,000 crore. SBI has an exposure of Rs 1,458 crore, followed by IDBI Bank (Rs 728 crore), Punjab National Bank (Rs 710 crore), Bank of India (Rs 575 crore) and Bank of Baroda (Rs 538 crore). So far the consortium has recovered Rs 963 crore from auction of Mallya’s Indian assets, said Basu.
UBI expects Rs3,000 crore recovery from NCLT resolutions
United Bank of India is expecting to recover around Rs3,000 crore out of a total of Rs5,951 crore, by way of resolutions through the National Company Law Tribunal (NCLT), the public sector lender’s MD and CEO Pawan Bajaj said on Friday. Altogether 40 cases were referred to the NCLT of which Rs580 crore had already been recovered by the bank, Bajaj told shareholders at the annual general meeting in Kolkata. “Now, all the cases referred to the NCLT will be ready for resolution, as the stipulated time limit is going to be over and reached the last stages of settlement,” Bajaj said. As on 31 March, 2018, the bank’s gross non-performing asset stood at over 24%, he said, adding, the lender’s liquidity position was strong enough to meet any kind of liability, as the CASA ratio was high.
PNB invites bids to sell 3 NPA accounts to recover over Rs136 crore
Punjab National Bank (PNB) has put on sale three non-performing assets to recover Rs136 crore dues from the borrowers. “We intend to place these accounts for sale to ARCs/ NBFCs/other banks/FIs on the terms and conditions stipulated in the bank’s policy, in line with the regulatory guidelines,” PNB said in the invite for expression. The three non-performing accounts (NPAs) or bad loans that have been put on sale are Gwalior Jhansi Expressways with an outstanding of Rs55 crore; SVS Buildcon Pvt Ltd Rs50 crore and Shiva Texfabs Ltd Rs31.06 crore. The process of e-bidding for the sale of these accounts will happen on 20 July, 2018, the bank said.
AIFs cannot convert existing open-ended schemes to closed-ended ones: Sebi
Alternative investment funds cannot convert their existing open-ended schemes to closed-ended and vice-versa, markets regulator Sebi said today. The clarifications have been given as part of an informal guidance sought by Singular India Opportunities Trust (SIOT), which is managed by Singular Capital India Advisors LLP, regarding certain aspects of AIF regulation. SIOT is registered with Securities and Exchange Board of India (Sebi) as a category-3 AIF. AIFs are funds are funds established or incorporated in India for the purpose of pooling in capital from Indian and foreign investors for investing as per a pre-decided policy.
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