Indian Bank declares Saravana Stores account as fraud with Rs 230.74 crore outstanding-March 2024-www.financetom.com

Indian Bank declares Saravana Stores account as fraud with Rs 230.74 crore outstanding

News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities

Indian Bank declares Saravana Stores account as fraud with Rs 230.74 crore outstanding

May 6, 2021 12:19 PM

Public-sector Indian Bank on Wednesday said it has declared its Saravana Stores account with Rs 230.74 crore outstanding loan as fraud and has reported it to the Reserve Bank of India (RBI).

Share Market Live

NSE

The nature of the fraud is in the form of diversion of funds, said the lender, adding the outstanding balance on Saravana stood at Rs 230.74 crore.

In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and having regard to the Bank's policy on determination and disclosures of material events/information, we have to inform you that non-performing account as detailed below have been declared as fraud and reported to RBI as per regulatory requirement," the bank said in a regulatory filing

Further, the Indian Bank has already made a provision of Rs 115.32 crore against the account.

Saravana Stores is a Tamil Nadu-based jewellery showroom group.

(Edited by : Jomy)

Previous page： JPMorgan has a new way to gauge its green progress Next page： In fight to curb climate change, a grim report shows world is struggling to get on track

Comments

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.

Show More Comments

Related Articles >

JPMorgan has a new way to gauge its green progress

Nov 15, 2023

As the largest energy banker, JPMorgan is a frequent target of criticism over Wall Street’s role in the climate crisis. At the same time, the bank is a leading US arranger of green bonds, making it vulnerable to Republicans seeking to protect the fossil fuel industry.

In fight to curb climate change, a grim report shows world is struggling to get on track

Nov 14, 2023

The State of Climate Action report released on Tuesday by the World Resources Institute, Climate Action Tracker, the Bezos Earth Fund and others looks at what's needed in several sectors of the global economy power, transportation, buildings, industry, finance and forestry to fit in a world that limits warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial times, the goal the world adopted at Paris in 2015. The globe has already warmed about 1.2 degrees Celsius (2.2 degrees Fahrenheit) since the mid-19th century.

India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh

Oct 18, 2023

Stressing on the need to have quick ramp up and ramp down energy sources for grid balancing, the minister described hydroelectric power's role as essential in the path to energy transition as wind energy is intermittent and the sun doesn't shine 24×7.

Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital

Nov 29, 2023

Internationally, there are genuine security concerns related to the criticality in building more diverse and dependable value chains for critical minerals, about their environmental and social sustainability, and technological challenges. While, India has taken the right steps for creating an ecosystem for accelerated exploration and production of critical and new age minerals, observes FICCI Mining Committee Co-Chair Pankaj Satija.