Simbhaoli Sugars, having duped Oriental Bank of Commerce, gets Rs 60 crore loan sanctioned within 11 months
After the PNB fraud case, the Uttar Pradesh Cooperative Bank Limited is under the scanner for allegedly sanctioning a Rs 60 crore loan to the tainted Simbhaoli Group company, which already has NPAs worth Rs 152 crore
In a filing to the stock exchanges close to midnight on Monday, Simbhaoli Sugar said it had taken finance from banks, for which it has been regular in repayments but for periodical adverse cycles in sugar industry.
Shares of Simbhaoli Sugars tanked 19.88 percent to Rs 13.50 - its 52-week low - on BSE
Gurmit Singh Mann named in FIR against Simbhaoli Sugars; executive chairman served as MD between 1972-2013
Gurmit Singh Mann has been the Executive Chairman of the Board of Simbhaoli Sugars Limited since 2013 and been associated with the company for 38 years in his over 46 years of experience
CBI registers Rs 98-cr bank loan default case against Simbhaoli Sugars Ltd, chairman Gurmit Singh Mann
The CBI has registered a case against Simbhaoli Sugars Limited, its Chairman Gurmit Singh Mann, Deputy Managing Director Gurpal Singh and others in connection with an alleged bank loan fraud of Rs 97.85 crore.