NEW DELHI: State-owned Oriental Bank of Commerce on Monday mentioned Simbhaoli Sugars is an previous NPA account of the financial institution and the first case was registered with CBI in September 2015.
"First complaint to CBI was filed on September 3, 2015 and amended complaint was filed on November 17, 2017. The case has now been registered as per procedures," the financial institution mentioned in a regulatory submitting.
The financial institution mentioned Simbhaoli Sugars is an previous NPA account which was reported to RBI and CBI as consistent with extant procedures.
The general exposure on this account has been adequately supplied and there shall be no impact at the profitability of the financial institution, it mentioned.
CBI has registered a case in opposition to Simbhaoli Sugars, its chairman Gurmit Singh Mann, deputy MD Gurpal Singh and others in connection with an alleged financial institution loan fraud of Rs 97.85 crore.
Simbhaoli Sugars is without doubt one of the largest sugar mills in the country.
Company's CEO G S C Rao, CFO Sanjay Tapriya, Executive Director Gursimran Kaur Mann and 5 non-executive administrators have also been booked by the agency.
Gurpal Singh is son-in-law of Punjab Chief Minister Captain Amarinder Singh.
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CBI the day gone by performed searches at 8 premises including apartments of the directors, manufacturing facility, corporate place of job and registered place of job of the corporate in Delhi, Hapur and Noida, CBI spokesperson Abhishek Dayal mentioned.
The probe focuses on two loans - Rs 97.85 crore, which was declared fraud in 2015 and any other corporate loan of Rs 110 crore, which was used to repay the previous one.
The 2nd loan was declared NPA on November 29, 2016, nearly 20 days after demonetisation was announced, as consistent with the CBI FIR.
OBC stock was buying and selling at Rs 95.05, down 10.15 consistent with cent on BSE. Shares of Simbhaoli Sugars plunged 15.13 consistent with cent to Rs 14.30 apiece.
"First complaint to CBI was filed on September 3, 2015 and amended complaint was filed on November 17, 2017. The case has now been registered as per procedures," the financial institution mentioned in a regulatory submitting.
The financial institution mentioned Simbhaoli Sugars is an previous NPA account which was reported to RBI and CBI as consistent with extant procedures.
The general exposure on this account has been adequately supplied and there shall be no impact at the profitability of the financial institution, it mentioned.
CBI has registered a case in opposition to Simbhaoli Sugars, its chairman Gurmit Singh Mann, deputy MD Gurpal Singh and others in connection with an alleged financial institution loan fraud of Rs 97.85 crore.
Simbhaoli Sugars is without doubt one of the largest sugar mills in the country.
Company's CEO G S C Rao, CFO Sanjay Tapriya, Executive Director Gursimran Kaur Mann and 5 non-executive administrators have also been booked by the agency.
Gurpal Singh is son-in-law of Punjab Chief Minister Captain Amarinder Singh.
Read this story in Telugu
CBI the day gone by performed searches at 8 premises including apartments of the directors, manufacturing facility, corporate place of job and registered place of job of the corporate in Delhi, Hapur and Noida, CBI spokesperson Abhishek Dayal mentioned.
The probe focuses on two loans - Rs 97.85 crore, which was declared fraud in 2015 and any other corporate loan of Rs 110 crore, which was used to repay the previous one.
The 2nd loan was declared NPA on November 29, 2016, nearly 20 days after demonetisation was announced, as consistent with the CBI FIR.
OBC stock was buying and selling at Rs 95.05, down 10.15 consistent with cent on BSE. Shares of Simbhaoli Sugars plunged 15.13 consistent with cent to Rs 14.30 apiece.
CBI case against Simbhaoli Sugars first registered in 2015: OBC
![CBI case against Simbhaoli Sugars first registered in 2015: OBC]()
Reviewed by Kailash
on
February 26, 2018
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