Indian Bank said on Tuesday said that it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services and products (IFIN) as fraud with outstanding dues of over Rs 408 crore.
In October, Punjab and Sind Bank had also reported to the RBI the account of IFIN as fraud with outstanding dues of over Rs 561 crore.
In September 2018, the government ordered an SFIO probe into the matters of IL&FS and its subsidiaries. In October, the same year, the National Company Law Tribunal (NCLT) suspended the erstwhile board of IL&FS amid the financial turmoil.
On the resolution process proposed by the new board of directors of IL&FS, the company said it has submitted several progress reports and updates to the NCLT.
The scam at the IL&FS group came to light in September 2018 after several group entities defaulted on repayments because of severe liquidity problems. Later, the government superseded the board of directors to revive the ailing group.
Trade Standard has at all times strived tough to supply up-to-date information and observation on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and fixed feedback on how to fortify our offering have only made our unravel and commitment to these ideals stronger. Even all the way through these difficult times arising out of Covid-19, we continue to remain dedicated to keeping you informed and up to date with credible news, authoritative views and incisive observation on topical issues of relevance.
We, on the other hand, have a request.
As we battle the economic have an effect on of the pandemic, we need your improve even more, in order that we will continue to give you more quality satisfied. Our subscription mannequin has seen an encouraging response from many of you, who have subscribed to our online satisfied. More subscription to our online satisfied can only help us achieve the goals of offering you even better and more applicable satisfied. We consider in free, reasonable and credible journalism. Your improve through more subscriptions can help us practise the journalism to which we are dedicated.
Make stronger quality journalism and subscribe to Trade Standard.