Punjab & Sind Bank shares drop over 6% after lender flags Rs 238-cr fraud by Bhushan Power and Steel
Shares of Punjab & Sind Bank on Thursday fell over 6 percent after the lender reported over Rs 238-crore fraud by Bhushan Power and Steel (BPSL)
Banks in Punjab's Malwa region have come under pressure from the state government to go easy on farmers who are unable to service their loans
The police acted following a complaint from the Punjab & Sind Bank against Surya Pharmaceuticals, its two promoters and a Dubai-based company, alleging they had defrauded the banks and siphoned off funds through group companies
UCO Bank sends notice to Kingfisher Airlines, asks why it shouldn't be classified as wilful defaulter
The bank has given the airline time to reply on why it should not be declared a 'wilful defaulter'.
SBI, which is the lead bank of a lender consortium to the crippled carrier, has an exposure of over Rs 1,600 crore
Mallya hit back at the lender saying the bank had declared him a willful defaulter "without a hearing".
Once the company is given the tag of a wilful defaulter, neither the firm nor its promoters, can ever go back to banks or other financial institutions in that country to seek another loan.
UBI had identified Vijay Mallya as a wilfuldefaulter and asked him to appear before the bank's panel tohear him out before declaring him as a wilful defaulter.
The court has also told PNB to furnish relevant documents to Kingfisher
Once declared wilful defaulter, criminal proceedings can be initiated against promoters and directors of the company.<br />
The Airlines had moved the Supreme Court challenging the high court's January 29 verdict that allowed a consortium of banks to take possession of Kingfisher House.<br />
Despite expectations that the festive season will bring in the much required demand, it seems like the DLFs and Unitechs of India are not in any revival mode.
HCL Infosystems selected as partner of Punjab & Sind Bank's Financial Inclusion Project.
Anand Sankaran, SVP & Head, India & Middle East Business of Wipro, talks about the various facets that the PSB deal encompasses.