Government-backed IDBI Bank Limited, a private company, has released three separate numbers of alleged loan defaults from a well-known diamond group, surprising banking and diamond industry circles.
IDBI Bank Limited announced that the company, Sanghavi Exports International Pvt Ltd, an NPA with the bank, as well as other group companies and their promoters / directors / guarantors, currently only have principal outstanding of Rs.16.72 billion and that ” Account is fully provisioned “. “With measures to collect the fees.
On December 20, IANS reported that the Diamantaire group had allegedly defaulted on loans valued at around Rs 6.710 billion, while the bank issued a new public notice on December 21 stating that it was outstanding Amount of the same group is about 67.13 billion rupees.
“The outstanding amount was wrongly published on December 19th, 2021. A reminder with correct outstanding payment will be published,” said the new public announcement on Tuesday, referring to the IANS report of December 20th.
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IDBI Bank released three conflicting figures for outstanding amounts in 72 hours, “which begs the question of the real number,” said Vishwas Utagi, banking expert and head of the All India Bank Officers Association.
“That’s outrageous … A big bank, backed by the Center and LIC, can’t make mistakes like this with LIC’s upcoming IPO. Do you need to clarify which of the three outstanding amounts are real? specify when, how much and on which account, “demanded Utagi.
Bhartiya Kamgar Sena GS by Shiv Sena, Minister of State Dr. Raghunath Kuchik, put down the “confusion” and different statements, asked how the government could think of going public under such circumstances.
“For years the LIC has cared for organized and unorganized workers. I urge the center not to jeopardize the money, savings and trust of the common man until this issue is properly investigated by the IDBI Bank-Diamantaire group and said Dr. Kuchik, Chairman of the Maharashtra Minimum Wages Board.
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Interestingly, the December 19-21 public announcements also clearly mention the outstanding foreign currency component – $ 161,088 – which is not included in IDBI Bank’s SEBI statement.
The bank’s SEBI filing states that “the account is fully provisioned,” while the two public notices warned the masses against any handling of the promoters / directors / guarantors’ property as they face heavy fees.
The spokesman for IDBI Bank Limited and its official communications agency did not respond to a questionnaire sent out by IANS on December 20th.
One of the members of the group, Aagam Sanghavi – named by IDBI Bank Limited in its public notices – also strongly denied the bank’s defaults (19 disclosed her identity, the amount referred to in the notice (December 19) as a “typo” and warned of legal consequences.
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