MUMBAI: State-owned PNB on Thursday stated it has followed lawful avenues to recuperate its dues following Rs 11,400 crore swindling of funds allegedly by way of jewellery clothier Nirav Modi and co-workers.
The nation's second greatest public sector lender additionally reaffirmed that it has sufficient belongings to satisfy any liability.
"We have followed lawful avenues available to us as per law of the land to recover our dues," the financial institution stated in a regulatory filing.
Read Also | PNB adopts strict SWIFT controls after mega fraud case
Stock exchanges had sought explanation on Nirav Modi's comment that ''PNB has closed all choices to recuperate dues by way of going public".
The financial institution had disclosed in regards to the rip-off on February 14 via a regulatory filing.
On why it didn't tell inventory exchanges in regards to the filing of FIR with CBI at the prevalence of the development, PNB stated: "Since regulation imposing businesses were assigned to analyze the matter, any information in public would have altered the fraudster, affecting recovery".
The financial institution stated on basis of initial investigation document, it had concurrently informed its Board and BSE, NSE of preliminary fraud case of Rs 280.7 crore.
Read Also | Enforcement Directorate seizes 9 luxury cars belonging to Nirav Modi
"Upon receiving additional investigation document bettering the fraud quantity to Rs 11,394 crore, FMR (Fraud Monitoring Return) with RBI, FIR with CBI were filed within the night time of February 13, 2018, and BSE and NSE were informed on February 14 round 9 am," the financial institution stated.
About the impact of the rip-off on the financials and operations of the financial institution, it stated: "We have sufficient belongings/ capital to satisfy any liability which is made up our minds as consistent with regulation".
The nation's second greatest public sector lender additionally reaffirmed that it has sufficient belongings to satisfy any liability.
"We have followed lawful avenues available to us as per law of the land to recover our dues," the financial institution stated in a regulatory filing.
Read Also | PNB adopts strict SWIFT controls after mega fraud case
Stock exchanges had sought explanation on Nirav Modi's comment that ''PNB has closed all choices to recuperate dues by way of going public".
The financial institution had disclosed in regards to the rip-off on February 14 via a regulatory filing.
PNB fraud: How Nirav Modi's corporations embezzled crores
02:26
On why it didn't tell inventory exchanges in regards to the filing of FIR with CBI at the prevalence of the development, PNB stated: "Since regulation imposing businesses were assigned to analyze the matter, any information in public would have altered the fraudster, affecting recovery".
The financial institution stated on basis of initial investigation document, it had concurrently informed its Board and BSE, NSE of preliminary fraud case of Rs 280.7 crore.
Read Also | Enforcement Directorate seizes 9 luxury cars belonging to Nirav Modi
"Upon receiving additional investigation document bettering the fraud quantity to Rs 11,394 crore, FMR (Fraud Monitoring Return) with RBI, FIR with CBI were filed within the night time of February 13, 2018, and BSE and NSE were informed on February 14 round 9 am," the financial institution stated.
About the impact of the rip-off on the financials and operations of the financial institution, it stated: "We have sufficient belongings/ capital to satisfy any liability which is made up our minds as consistent with regulation".
Enough assets to meet any liability, says scam-hit PNB
![Enough assets to meet any liability, says scam-hit PNB]()
Reviewed by Kailash
on
February 22, 2018
Rating:
