Rashtra NewsRashtra News
  • National
  • Business
  • Education
  • Entertainment
  • Finance
  • Insurance
  • Jobs
  • Sports
  • Stock Market
  • Technology
Notification Show More
Font ResizerAa
Rashtra NewsRashtra News
Font ResizerAa
  • National
  • Rashtra News Hindi
Search
  • National
  • Business
  • Education
  • Entertainment
  • Finance
  • Insurance
  • Jobs
  • Sports
  • Stock Market
  • Technology
Follow US
Rashtra News > Latest News > Business > Business News: No delay in filing complaints against ABG Shipyard: SBI
Business

Business News: No delay in filing complaints against ABG Shipyard: SBI

News Reporter
Last updated: February 13, 2022 4:57 pm
News Reporter
Share
2 Min Read
Business News: No delay in filing complaints against ABG Shipyard: SBI
SHARE

No delay in filing complaints against ABG Shipyard: SBI : Rashtra News

#delay #filing #complaints #ABG #Shipyard #SBI

Country’s largest lender the State Bank of India said, there is no delay in filing complaints against ABG Shipyard, a Gujarat-based company, which allegedly siphoned off bank loans and currently facing liquidation through an insolvency process at the National Company Law Tribunal. “At no point in time, there was any effort to delay the process,” SBI said in a release on Sunday evening.

“The lender’s forum diligently follows through with CBI in all such cases.” The Central Bureau of Investigation (CBI) earlier on Saturday booked ABG Shipyard Ltd and its then chairman and managing director Rishi Kamlesh Agarwal for defrauding a consortium of lenders over Rs 22,842 crore exposure. Although, ICICI Bank was the lead lender in the consortium and IDBI Bank was the second lead, it was preferred that SBI being the largest PSB lender, lodges the complaint with CBI, the banking behemoth said.

The loan account turned into a non-performing asset nearly a decade ago as attempts to recast it had failed under Corporate Debt Restructuring (CDR) – once a dedicated window to recover sticky loans.

The first complaint was filed with CBI in Nov 2019. There was a continuous engagement between CBI and Banks and further information was getting exchanged. A second complaint was in December, 2020 following a slew of joint lenders’ meetings. Later, a forensic audit report underscored misappropriation of funds prompting lenders to declare it a “fraud account”.

Latest Sports News | Latest Business News

( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)

Related searches :

  • top business news today
  • business news hindi
  • world business news
  • business news economic times
  • business news share market
  • business news live
  • business news india live
  • zee business news

Related

TAGGED: ABG, abg shipyard, ABG Shipyard Ltd, bank of india, business, Central Bureau of Investigation, complaints, delay, filing, icici bank, News, SBI, Shipyard
Share This Article
Facebook Twitter Copy Link Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Surprise0
Joy0
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

You Might Also Like

Global Markets in Turmoil Amid Rising Inflation and Escalating Trade Tensions
BusinessFinanceStock MarketTop StoriesWorld

Global Markets in Turmoil Amid Rising Inflation and Escalating Trade Tensions

4 weeks ago
Hexaware and Novelty Group Forge Transformative Joint Venture
Press Release

Hexaware and Novelty Group Forge Transformative Joint Venture

1 year ago
Is Burger King Going Out of Business? A Tale of Two Flames (May 2023 – March 2024)
BusinessTop Stories

Is Burger King Going Out of Business? A Tale of Two Flames (May 2023 – March 2024)

1 year ago
KRBL Ltd. Committed to Grow Domestic Business Amidst Highest Ever Quarter Revenue in Q3FY24
Press Release

KRBL Ltd. Committed to Grow Domestic Business Amidst Highest Ever Quarter Revenue in Q3FY24

1 year ago

About RashtraNews.com

We're your comprehensive news source, covering a wide range of topics to empower you in all aspects of life. From navigating the world of finance (market trends, personal tips, loans, mortgages, credit) and legal matters (attorneys, lawyers), to staying ahead of the curve in technology (advancements, automobiles, business news) and education (careers, job opportunities, classes), RashtraNews.com keeps you informed.

Latest Updates

  • A Comprehensive Guide to Transportation, Logistics, and Relocation Services Across Cities
  • Global Markets in Turmoil Amid Rising Inflation and Escalating Trade Tensions
  • California Ballot Initiative Seeks to Prevent Unjust Health Insurance Denials
  • Millions of Travelers Risk Losing Insurance Coverage Over Simple Mistakes
  • Severe Thunderstorm Warnings Sweep Across USA: Tornado Threat Looms Over Oklahoma
  • ChatGPT Ghibli Art Generator: Create Studio Ghibli-Style Art with AI [2025]
  • Nida Rides India to Global Glory, 22-year to Become First Indian Lady to Compete at FEI Endurance World Championship for Seniors, Monpazier, France

Helpful Link

  • Automobile77
  • Business4,343
  • Crime129
  • Education4,542
  • Entertainment58
  • Finance5
  • India9,623
  • Insurance3
  • Legal News5
  • Lifestyle21
  • Media News79
  • Medical Education1
  • Politics4,340
  • Press Release5,319
  • Software100
  • Sports3,095
  • Stock Market2
  • Technology3,180
  • Top Stories7
  • World2,907

Contact Us

To send your suggestions to "Rashtra News", email: editor@rashtranews.com

To send articles, news, or your opinions: editor@rashtranews.com
For Business and other enquiries: admin@rashtranews.com

If you‘ find any violation of the editorial code of conduct or have any other complaint about the content or video content published on "Rashtra News"’, you can send your complaint to our Grievance Officer by clicking on the Grievance Redressal link.

Follow US
©2011-2024 rashtranews.com
  • About Rashtra News
  • Ownership & funding
  • Corrections Policy
  • Fact Checking Policy
  • Privacy Policy
  • Terms of Use
  • Subscribe Now
  • Become a Author
  • Partnership With Us
Go to mobile version
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?