Uttar Pradesh Congress chief Ajay Kumar Lallu resigns

Thursday March 17, 2022

Uttar Pradesh Congress chief Ajay Kumar Lallu has resigned from his post after taking moral responsibility for the party's humiliating defeat in the state assembly polls.

Joe Biden to announce USD 800 million in new security assistance to Ukraine

Thursday March 17, 2022

US President Joe Biden has announced $800 million in new security assistance to Ukraine on March 16 , a White House official said, with the announcement came soon after Ukrainian President Volodymyr Zelensky addresses the US Congress.

Tata Motors to invest Rs 15,000 cr in EV segment in 5 years

Thursday March 17, 2022

Tata Motors is planning to invest Rs 15,000 crore in the EV segment in the next five years.

No PSB bank employees found involved in Rs 14,349 crore ABG Shipyard bank fraud case: Sitharaman

Thursday March 17, 2022

Finance Minister Nirmala Sitharaman has said no public sector bank employees were found to be involved in the Rs 14,349 crore bank fraud by ABG Shipyard Ltd (ABGSL), and CBI has registered a case against the company and its directors last month.

No PSB bank employees found involved in Rs 14,349 crore ABG Shipyard bank fraud case: Sitharaman

Finance Minister Nirmala Sitharaman has said no public sector bank employees were found to be involved in the Rs 14,349 crore bank fraud by ABG Shipyard Ltd (ABGSL), and CBI has registered a case against the company and its directors last month.

ABG Shipyard was sanctioned loan under consortium arrangement led by ICICI Bank, and the account was declared as non-performing asset (NPA) by the lender banks in August 2013 and afterward, Sitharaman said in a written reply to the Rajya Sabha.

The loan to the company was later approved for restructuring under corporate debt restructuring (CDR) in March 2014 by CDR empowered group.

Sitharaman said that post-failure of the CDR and classification of the account as NPA, the lender banks appointed EY to conduct a forensic audit of the company. The agency had submitted the forensic audit report (FAR) in January 2019.

Accordingly, in view of the findings of FAR, the account of ABGSL, having principal exposure of Rs 14,349 crore and interest accrued thereon, was declared as fraud by the lead banks on April 25, 2019, she said.

The minister also informed that a complaint with the Central Bureau of Investigation (CBI) was filed by the State Bank of India (SBI) on November 8, 2019, and subsequently, in a meeting of the joint lenders in January 2020, it was decided that SBI should file the complaint on behalf of all consortium lenders.

Accordingly, the mandate was garnered from all banks, with the last mandate being received on August 25, 2020.

SBI filed the revised complaint with CBI on August 25, 2020, and the final complaint, based on further discussions, was filed on December 14, 2020," she added. Sitharaman said the CBI has registered a first information report (FIR) against the company and its directors on February 7, 2022.

As many as 27 banks and financial entities were engaged in the consortium lending to ABGSL at the time of loan arrangement, including the erstwhile banks: Oriental Bank of Commerce (OBC), Syndicate Bank, Dena Bank, Andhra Bank, and Laxmi Vilas Bank.

The top lenders with the highest amount of exposure to the company are: ICICI Bank Rs 7,089 crore; IDBI Bank Rs 3,639 crore; SBI Rs 2,925 crore; Bank of Baroda Rs 1,614 crore; Punjab National Bank Rs 1,244 crore; Exim Bank Rs 1,327 crore; Indian Overseas Bank Rs 1,228 crore; Bank of India Rs 719 crore; Standard Chartered Bank Rs 743 crore.

Erstwhile Oriental Bank of Commerce, now merged into PNB, had an exposure of Rs 714 crore; Syndicate Bank (now Canara) Rs 408 crore; Dena Bank (now BoB) Rs 406 crore; and Andhra Bank (now Union Bank of India) Rs 350 crore.

Among others, IFCI loaned Rs 300 crore, SBI Singapore Rs 458 crore; and SICOM Ltd Rs 260 crore.

Touted as the biggest bank fraud case, the CBI had booked ABG Shipyard Ltd and its former chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks on February 14, 2022.

Rs 74,850 crore investment for auto PLI: Ministry of Heavy Industries

Thursday March 17, 2022

Maruti Suzuki, Hero MotoCorp, Bosch, Mitsubishi Electric and Tata Autocomp are among the 95 companies that have received approval under the government’s ambitious Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India.

PNB reports loan fraud of Rs 2,000 crore by IL&FS Tamil Nadu Power

Thursday March 17, 2022

Public sector bank Punjab National Bank (PNB) has reported a loan fraud of Rs 2,060.14 crore by IL&FS Tamil Nadu Power. In an exchange filing, the bank said: “A fraud of Rs 2,060.14 crore is being reported by the bank to the RBI in the accounts of the company.”

Delhi Capitals name former Australia all-rounder Shane Watson as assistant coach

Thursday March 17, 2022

IPL franchise Delhi Capitals has appointed former Australian all-rounder Shane Watson as an assistant coach for the upcoming season of the league.

Asian Snooker Championship: Defending champion Pankaj Advani tops group

Thursday March 17, 2022

Defending champion Pankaj Advani topped Group A and qualified for the knockout stage in the Asian Snooker Championship in Doha.

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Uttar Pradesh Congress chief Ajay Kumar Lallu resigns

Uttar Pradesh Congress chief Ajay Kumar Lallu resigns

Joe Biden to announce USD 800 million in new security assistance to Ukraine

Joe Biden to announce USD 800 million in new security assistance to Ukraine

Tata Motors to invest Rs 15,000 cr in EV segment in 5 years

Tata Motors to invest Rs 15,000 cr in EV segment in 5 years

No PSB bank employees found involved in Rs 14,349 crore ABG Shipyard bank fraud case: Sitharaman

No PSB bank employees found involved in Rs 14,349 crore ABG Shipyard bank fraud case: Sitharaman

Rs 74,850 crore investment for auto PLI: Ministry of Heavy Industries

Rs 74,850 crore investment for auto PLI: Ministry of Heavy Industries

PNB reports loan fraud of Rs 2,000 crore by IL&FS Tamil Nadu Power

PNB reports loan fraud of Rs 2,000 crore by IL&FS Tamil Nadu Power

Delhi Capitals name former Australia all-rounder Shane Watson as assistant coach

Delhi Capitals name former Australia all-rounder Shane Watson as assistant coach

Asian Snooker Championship: Defending champion Pankaj Advani tops group

Asian Snooker Championship: Defending champion Pankaj Advani tops group

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