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.
Comments
Elite Indian nationalism defined: Every elite Indian can give his/her life for learning English if he/she needs to live in New York or London. But no elite Indian will sacrifice even a penny for learning Kannada if he/she needs to live in Bengaluru. Nationalism of jokers is always like that. (There are some rare exceptions to that, of course).
Look at how much useful English has been to India: India is one of the worst countries in education; the most starved country; suffers trade losses of more than 40 billion US dollars each year with China alone (I hope you know China doesn't teach in English); ranks 150th in per capita exports; administratively the most stupid one because administration is being carried out in language whish people don't understand; Also read this quotation from a worldwide study carried out by UNESCO, ‘What seems to be standing in our way is a set of myths about language and learning, and these myths must be revealed as such to open people’s eyes. One such myth is that the best way to learn a foreign language is to use it as a medium of instruction. (In fact, it is often more effective to learn additional languages as subjects of study.) Another is that to learn a foreign language you must start as early as possible. (Starting early might help learners to have a nice accent, but otherwise, the advantage goes to learners who have a well developed first language.) A third is that the home language gets in the way of learning a foreign language. (Building a strong foundation in the first language results in a better learning of additional languages.) Clearly, these myths are more false than true, yet they guide the way policymakers tend to think about how speakers of other languages must learn dominant or official languages.’ I will like to discuss with you further Mr. BigZero. If you agree, mail me at [email protected]
Can anything be more anti-national and educationally more stupid than what these 'Crazy' Board of Secondary Education people are saying? Kindly give your arguments if your answer is in Yes. Today itself, I stated in my TV interview that I don't find any education Board educationally as illiterate as the Indian 'Crazy' Board of Secondary Education. This is one more evidence of their illiteracy. I have mailed to the CBSE sataraps about their illiteracy on educational matters. But they never replied.
ಕರ್ನಾಟಕದ ಮಾತೃ ಭಾಷೆಯನ್ನು ಉಳಿಸುವತ್ತ ಸರ್ಕಾರದ ಹೆಜ್ಜೆ. ಸರ್ಕಾರಕ್ಕೆ ಅಭಿನಂದನೆಗಳು....
I find this interesting: "It is not a prestige not to learn Kannada...". Unfortunately,
many "elites" speak in other Languages - particularly in English - to show off.
There are problems with Kannadigaas too - we can't speak Kannada
without 80% English in it....
Court must be moved to knock out a ridiculous order. Language is correctly the choice of schools, parents and students. And students should not be burdened to learn languages that will have no use to them.
Karnataka govt. should close these schools if they refuse to comply.
When Hindi & English are mandatory and they did not make a hue and cry against these, what is their problem teaching Kannada in Karnataka?
UP-Bihar's Hindi language mandatory in Karnataka is OK, but not Kannada? What kind of nonsense is this?
@Ravi: Very correct and logical. Moreover, Karnataka and Kannada have been
taken for granted, by most of the people from outside.
People who don't want to learn Kannada in Karnataka and want to treat this place just as a safe haven for jobs, property and weather should leave the state. We have enough freeloaders here from all parts of the country resulting in the chaos in the city. Its time for the Govt. and Courts to tighten the strings.
Add new comment