Punjab & Sind Financial institution declared infrastructure conglomerate Lanco Infratech Restricted’s NPA account as a fraud account, with excellent dues of Rs 215.17 crore. In accordance with a regulatory submitting to the inventory exchanges on Wednesday, June 16, Punjab and Sind Financial institution acknowledged that when it comes to SEBI (Itemizing Obligations and Disclosure Necessities) Laws, 2015, the non-performing asset (NPA) account – Lanco Infratech, with excellent dues of Rs 215.17 crore is declared as fraud and reported to the Reserve Financial institution of India (RBI) right this moment.
In accordance with the assertion, the account has been absolutely offered for as per the present norms set by the Reserve Financial institution. Lanco Infratech Restricted is among the many first 12 accounts that had been listed by the central financial institution for the company insolvency decision. The corporate owes greater than Rs 44,000 crore to an IDBI Financial institution-led lenders’ consortium.
In August 2018, Lanco Infratech was admitted for liquidation following an order by the Nationwide Firm Legislation Tribunal (NCLT).
On Wednesday, shares of Punjab & Sind Financial institution settled 0.50 per cent decrease at Rs 20 apiece on the BSE. Punjab & Sind Financial institution opened on the BSE at Rs 20.35, inching to an intra day excessive of Rs 20.40 and an intra day low of Rs 19.95, within the buying and selling session right this moment.
In the meantime, the public-sector lender reported a internet revenue of Rs 1661 crore in the January-March quarter for the monetary yr 2020-21, in comparison with a internet lack of Rs 236 crore within the corresponding quarter of the earlier fiscal. It was the primary quarterly revenue for the financial institution after eight consecutive quarters of internet losses.