Synopsis
PNB has flagged a Rs 2,434 crore borrowal fraud to the RBI linked to ancient SREI crew promoters. The monetary institution has already taken 100% provisions on exposures to SEFL and SIFL, every resolved underneath CIRP. The disclosure came post-market hours on Friday.
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ReutersDirect-owned Punjab National Bank (PNB) on Friday acknowledged it has reported a borrowal fraud of Rs 2,434 crore to the Reserve Bank of India (RBI), piquant the erstwhile promoters of SREI Equipment Finance (SEFL) and SREI Infrastructure Finance (SIFL).
The borrower fraud linked to SEFL stood at Rs 1,240.94 crore and the PSU monetary institution has made 100% provision for the outstanding amount, the lender acknowledged in its submitting to the exchanges.
The amount for SIFL stood at Rs 1,193.06 crore and PNB has made full provision for its exposure to the firm, the submitting acknowledged.
Both firms had been successfully resolved underneath the Corporate Insolvency Choice Course of (CIRP) by the National Company Appellate Tribunal (NCLT).
PNB disclosed the advance after market hours; its shares closed 0.6% decrease at Rs 120.25 on the NSE.
The instances had been referred for insolvency in October 2021 after the banking watchdog stepped in and superseded the boards of the firms amid concerns over governance and mounting compensation failures piquant dues of near to Rs 28,000 crore.
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