Sintex PNB fraud: PNB reports Rs 1,203 crore fraud by Sintex Industries | India Business News
NEW DELHI: Public sector Punjab Nationwide Financial institution (PNB) on Wednesday declared its Rs 1,203.26 crore publicity to Sintex Industries Ltd as fraud.
Pursuant to the appropriate provisions of Sebi’s List Responsibilities and Disclosure Necessities (LODR) and the financial institution’s coverage, “we tell reporting of borrowal fraud of Rs 1,203.26 crore in NPA account of Sintex Industries Ltd (SIL),” PNB mentioned in a regulatory submitting.
The fraud reporting relates to the massive company department at Ahmedabad zonal workplace, it added.
“The fraud of Rs 1,203.26 crore is being reported by way of financial institution to RBI within the accounts of the Corporate (SIL). Financial institution has already made provisions amounting to Rs 215.21 crore, as consistent with prescribed prudential norms,” it added.