NEW DELHI: State-owned Bank of India on Wednesday mentioned it had sanctioned some mortgage to Rotomac group companies as a consortium lender and that had changed into a non-performing asset (NPA) or bad mortgage in the 2015-16 fiscal for which it has already made 100 in line with cent provisioning.
The financial institution did not disclose the volume of its publicity to the Rotomac group, based on a clarification sought via exchanges on information article 'Rotomac owner flees nation after taking Rs 800 crore mortgage'.
"In this regard we clarify as under that the bank has sanctioned certain credit facilities to the Rotomac group companies in the past as per laid down norms, under consortium arrangements," it mentioned in a regulatory submitting.
The accounts have been therefore categorised as NPA in the 12 months 2015-16. The financial institution had made 100 in line with cent provisions at the quantity exceptional, it mentioned. Yesterday, 3 state personal lenders--Bank of Baroda, Union Bank of India and Indian Overseas Bank --had clarified at the similar information to the exchanges and about their publicity to the company.
Bank of Baroda informed about an publicity of Rs 456.60 crore to Rotomac Global, which is underneath investigation via CBI and the Enforcement Directorate in reference to an alleged financial institution mortgage fraud.
The lender also mentioned that it has taken important "recovery measures" and filed complaints in the Debt Recovery Tribunal in October 2016 and a decree in favour of the financial institution used to be granted in January 2017.
BoB has also initiated motion in opposition to Rotomac Global underneath SARFAESI Act, as in line with the submitting issued the day prior to this.
Union Bank of India and Indian Overseas Bank also informed about certain lending to the crowd as consortium partners and that their loans had turned NPA in the past. Both these banks mentioned that they've initiated recovery process and feature filed circumstances prior to the competent authorities.
Stock of Bank of India closed 0.35 in line with cent down at Rs 128.80 on BSE these days.
The financial institution did not disclose the volume of its publicity to the Rotomac group, based on a clarification sought via exchanges on information article 'Rotomac owner flees nation after taking Rs 800 crore mortgage'.
"In this regard we clarify as under that the bank has sanctioned certain credit facilities to the Rotomac group companies in the past as per laid down norms, under consortium arrangements," it mentioned in a regulatory submitting.
The accounts have been therefore categorised as NPA in the 12 months 2015-16. The financial institution had made 100 in line with cent provisions at the quantity exceptional, it mentioned. Yesterday, 3 state personal lenders--Bank of Baroda, Union Bank of India and Indian Overseas Bank --had clarified at the similar information to the exchanges and about their publicity to the company.
Bank of Baroda informed about an publicity of Rs 456.60 crore to Rotomac Global, which is underneath investigation via CBI and the Enforcement Directorate in reference to an alleged financial institution mortgage fraud.
The lender also mentioned that it has taken important "recovery measures" and filed complaints in the Debt Recovery Tribunal in October 2016 and a decree in favour of the financial institution used to be granted in January 2017.
BoB has also initiated motion in opposition to Rotomac Global underneath SARFAESI Act, as in line with the submitting issued the day prior to this.
Union Bank of India and Indian Overseas Bank also informed about certain lending to the crowd as consortium partners and that their loans had turned NPA in the past. Both these banks mentioned that they've initiated recovery process and feature filed circumstances prior to the competent authorities.
Stock of Bank of India closed 0.35 in line with cent down at Rs 128.80 on BSE these days.
Rotomac loan turned NPA in FY16, made full provision: Bank of India
![Rotomac loan turned NPA in FY16, made full provision: Bank of India]()
Reviewed by Kailash
on
February 22, 2018
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