‘Mithun Rai is the best; deity warned me in my dream’: Poojary’s U-turn after a sound sleep

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.

Bengaluru, Jan 21: A massive protest against the Citizenship Amendment Act (CAA), National Register of Citizens (NRC), and National Population Register (NPR) was witnessed at Shivajinagar's Chandni Chowk area on Tuesday.

Scores of people came together carrying national flags and placards to register their protest in the city.

Speaking to ANI, a protester said, "People of all religious community have assembled here in Chandni Chowk to protest against CAA, NRC, and NPR. We the people of India are against this law."

Terming the law as anti-constitutional, he said that we support all the states who oppose the CAA. We demand the revocation of CAA and the government should remove conditions in NPR which lead to NRC.

CAA grants citizenship to Hindu, Sikh, Jain, Parsi, Buddhist and Christian communities fleeing religious persecution from Pakistan, Afghanistan, and Bangladesh and who came to India on or before December 31, 2014.

Bengaluru, April 7: Karnataka government on Monday allowed bakeries and related product food units in the state to open and function with minimum staff amid a coronavirus nation-wide lockdown.

A circular issued by Rajendar Kumar Kataria, Secretary to the government said, "The Central government has permitted the functioning of food units engaged in bakery and biscuit, condiments, confectionery and sweet for manufacturing, supply and operating retail outlets with minimum staff/labour."

The circular said these units shall strictly follow the guidelines issued by the Ministry of Health and Family Welfare and Department of Health and Family Welfare, Karnataka government with regard to the preventive measures to be ensured for combating COVID-19.

"It is stated that all employers shall ensure that these units maintain high standard of health, hygiene, sanitation and social distancing. The units shall not permit serving/dining in the premises and only parcel/takeaways are permitted," the circular added.