Arathi Krishna meets NRK businessmen, labourers in Jubail

Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.

A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.

The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.

"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.

"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.

Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.

Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.

Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.

"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.

Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.

The account has already been fully provided for, it added.

Mangaluru, Jan 18: The Dakshina Kannada District Karavali Utsava Samiti has chosen senior Journalist and Assistant Editor on Udayavani Daily Manohar Prasad for the Karavali Gaurava Prashasti 2019-20.

The award will be presented to Manohar Prasad in recognition of his contribution in the field of Journalism.

He will be given the award during the valedictory of the Karavali Utsav at Panambur beach on January 19.

Mangaluru, Jun 12: A pregnant woman who returned from Maharashtra and tested positive for coronavirus on Wednesday, gave birth to a child at the Wenlock COVID-19 hospital in Mangaluru. After she experienced labour pain, a team of expert doctors performed the delivery through the caesarean section on Thursday.

Both the woman and the new born are safe, hospital sources said. The woman, who belongs to Kinnigoli in Dakshina Kannada district, had arrived in the city on Monday. She was in an advanced stage of pregnancy and was taken to another hospital the next day after she complained of weakness.

As she came from Maharashtra, she was shifted to a separate ward at the Wenlock hospital and quarantined. Her throat swab samples tested positive on Wednesday. A COVID-19 test will be done on the baby after a few days, district health officer Ramachandra Bairy said.