This case involves the former promoters of SREI Equipment Finance (SEFL) and SREI Infrastructure Finance (SIFL). PNB reported the fraud related to SEFL.
PNB को कैसे लगा ₹2,434 करोड़ का चूना, किस तरह हुआ इतना बड़ा फ्रॉड
New Delhi: Punjab National Bank (PNB) made a major disclosure on Friday. The public sector bank informed the Reserve Bank of India (RBI) about a large loan fraud amounting to ₹2,434 crore.
The case involves the former promoters of SREI Equipment Finance (SEFL) and SREI Infrastructure Finance (SIFL). PNB stated that the fraud related to SEFL amounts to ₹1,240.94 crore, for which the bank has made full provision. The case related to SIFL involves ₹1,193.06 crore, for which PNB has also made full provision.
The news came after market close.
Both companies have been successfully resolved under the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT). PNB released this information after the market closed. On the National Stock Exchange (NSE), the bank’s shares closed 0.6% lower at ₹120.25 on that day.
Bank has made 100% provision
PNB is a government-owned bank. This case involves individuals who were previously promoters of SEFL and SIFL. The bank clarified that it has made 100% provision for the ₹1,240.94 crore case related to SEFL. This means the bank has set aside funds to cover this loss.
Similarly, PNB has also made full provision for the ₹1,193.06 crore case related to SIFL. Both companies have now gone through the insolvency resolution process and have been resolved by the NCLT.
Follow Us on… 
