CBI said that the directors of the company had entered into conspiracy with officials of two SBI branches in West Bengal and took a Rs 4.45 crore loans for doing food processing business.
Banks including State Bank of India has non-performing loans of Rs 325 crore.
Banks including State Bank of India has non-performing loans of Rs 325 crore while 650 workmen have about Rs 14 crore admitted claims.
Lenders are reluctant as the planters either do not have existing stocks to borrow against or they had already exhausted their earlier borrowing limits.
NCLT’s Kolkata bench passed its order Tuesday. The verdict would pave the way for eventual closure of the company, sources familiar with the development said.
Sompo holds 26 per cent in the general insurance joint venture.
The rating market has widened with every corporate now looking to rate their bonds before raising capital in private placement market.
There may also be criminal connivance between the firm, its directors and some bank employees, the complaint said. A bank official in Kolkata filed the complaint with CBI.
There may not be any immediate survival risks, but will they be good enough to fulfil the inclusive banking mandate? That remains to be seen.
During the last 4 years, public sector banks have raised Rs 60,385 crore via AT-1 bonds.
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