Punjab And Sind Bank Recognises Lanco Infratech's Rs 215 Crore NPA Account As Fraud

Punjab & Sind Bank declared Lanco Infratech's NPA account as fraud

Punjab & Sind Bank declared Lanco Infratech Limited's NPA account as a fraud account, with excellent dues of Rs 215.17 crore. According to a regulatory submitting to the inventory exchanges on Wednesday, June 16, Punjab & Sind Bank acknowledged that by way of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the non-performing asset (NPA) account of Lanco Infratech, with excellent dues of Rs 215.17 crore is asserted as fraud and reported to the Reserve Bank of India (RBI) at the moment.

According to the assertion, the account has been absolutely offered for as per the prevailing norms set by the Reserve Bank. Lanco Infratech Limited is among the many first 12 accounts that had been listed by the central financial institution for the company insolvency decision. The firm owes greater than Rs 44,000 crore to an IDBI Bank-led lenders' consortium.

In August 2018, Lanco Infratech was admitted for liquidation after an order by the National Company Law Tribunal (NCLT). Lanco Infratech was based in 1986 and was one of many first impartial energy producers in India. In 2011, the group grew to become the biggest non-public energy supplier within the nation.

On Wednesday, shares of Punjab & Sind Bank settled 0.50 per cent decrease at Rs 20 apiece on the BSE. Punjab & Sind Bank opened on the BSE at Rs 20.35, inching to an intra day excessive of Rs 20.40 and an intra day low of Rs 19.95, within the buying and selling session at the moment.

Meanwhile, the public-sector lender reported a internet revenue of Rs 161 crore in the January-March quarter for the monetary yr 2020-21, in comparison with a internet lack of Rs 236 crore within the corresponding quarter of the earlier fiscal. The financial institution reported a internet lack of Rs 2,375 crore within the October-December quarter of fiscal 2020-21.

The gross dangerous loans or NPAs of Punjab & Sind Bank had been elevated at 13.76 per cent of the gross advances, as of March 31. In worth phrases, the gross NPAs of the financial institution stood at Rs 9,334 crore by the top of the monetary yr 2020-21.