Abg Shipyard News
No PSB bank employees found involved in Rs 14,349-crore ABG Shipyard fraud case, says Nirmala Sitharaman
ABG Shipyard was granted a loan under consortium arrangement led by ICICI Bank, and the account was declared as a non-performing asset (NPA) by the lender banks in August 2013
ABG Shipyard Case: Former CMD Rishi Aggarwal reaches CBI headquarter to join investigation
Recently CBI in a statement said that the accused have been located in India, the State Bank of India (SBI) had also opened LOC against the main accused in 2019
ABG Shipyard fraud detected faster than average time in such cases, says Nirmala Sitharaman
Asserting that a bank follows a certain process to declare an account fraud, Sitharaman said banks almost take 52-54 months to complete intensive work before a decision is taken
CBI books ABG Shipyard in biggest bank fraud case of over Rs 22,842 crore
The Forensic Audit by Ernst and Young has shown that between 2012-17, the accused colluded together and committed illegal activities including diversion of funds, misappropriation and criminal breach of trust
Plans to revive ABG Shipyard, Alok Industries and Lanco could fail; lenders might liquidate firms
Plans to revive ABG Shipyard, Alok Industries and Lanco could fail, despite that fact that Alok received a bid from Reliance Industries (RIL).
Insolvency ordinance: Essar Steel, Bhushan Steel, Lanco Infra say not 'wilful defaulters'
The ordinance that comes as a blow to defaulting promoters seeking to reclaim their firms that are under insolvency proceedings, aims at putting in place safeguards to prevent unscrupulous persons from misusing or vitiating the provisions of the IBC
NPA problem: Bankers meet begins today, to decide on large loan defaulters
The first set of six troubled accounts are Bhushan Steel (Rs 44,478 cr), Essar Steel (Rs 37,284 cr), Bhusan Power and Steel (Rs 37,248 cr), Alok Industries (Rs 22,075 cr), Amtek Auto (Rs 14,074 cr) and Monnet Ispat (Rs 12,115 cr), a banker said.
NPA crackdown: Read here for financial details of these 12 big loan defaulters likely to go for bankruptcy
Monnet Ispat had a debt of over Rs 10,000 crore while its net worth turned negative to Rs 1,602 crore in FY17
Bhushan, Essar Steel among 12 firms being moved to insolvency courts, sources to Reuters
The RBI has yet to officially name any of the 12 companies, which account for about 2 trillion rupees ($31 billion) of India's non-performing loans, or roughly 25 percent of all the country's bad loans.
Panel approves bulk of 144 proposals in defence, explosives sectors
To attract foreign direct investment and boost defence manufacturing in the country, which imports up to 70 percent of its military hardware, the government has raised the FDI cap to 49 percent.
First Pipavav, now ABG: Thank Modi's Make in India scheme for Mahindra's interest in shipyards
After facing competition from Hero Group for one of India's leading shipyards Pipavav Defence, Mahindra is looking to buy a stake in ABG to expand its land and naval defence equipment.
ABG Shipyard to get Rs 650 cr soon under CDR deal, stock up 17%
Largest private sector shipbuilder ABG Shipyard, which is under a CDR, will receive Rs 650 crore infusion from lenders by this month-end as part of the Rs 10,000-crore debt recast deal worked out in March, a top company official has said.
Port projects worth Rs 6,000 cr cleared this fiscal
The ministry has been setting aggressive targets for capacity expansion every fiscal, with an eye on the targets set in the maritime agenda, under which certain targeted capacity needs to be created by 2020.<br /><br />
Kerala trade unions to oppose Navy's decision on CSL tender
The trade unions are demanding that the ministry should have a rethink over the issue and allow it also to take part in the tender.
Mid-cap, small-cap stocks crash; Sebi begins probe
Shares of a host of mid-cap and small-cap companies today crashed in the stock market, plunging as much as 60 percent in some cases, amid panic selling on speculations of sale of pledged shares.
ABG Shipyard wins orders worth Rs 485 cr from Indian Navy
Private sector ship-builder ABG Shipyard today said it has bagged a Rs 485 crore order to build a cadet training vessel for the Navy.
DLF to rise higher; GMR Infra to sell 30 pct stake to Petronas
Though DLF has moved up over the last two days, there is room for more. GMR Infrastructure said on Monday that it will be selling 30 percent stake in its unit GMR Energy (Singapore) Pte to Petronas.