Punjab & Sind Bank declared infrastructure conglomerate 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 and Sind Bank said that when it comes to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the non-performing asset (NPA) account – Lanco Infratech, with excellent dues of Rs 215.17 crore is declared as fraud and reported to the Reserve Bank of India (RBI) at this time.
According to the assertion, the account has been absolutely offered for as per the present norms set by the Reserve Bank. Lanco Infratech Limited is among the many first 12 accounts that have 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 following an order by the National Company Law Tribunal (NCLT).
This copy is being up to date