PNB reports Rs 1,203 crore misrepresentation by Sintex Industries
Punjab National Bank (PNB) on Wednesday detailed another obtaining misrepresentation worth Rs 1,203 crore by the disturbed Ahmedabad-based Sintex Industries Ltd.
In an administrative documenting on Wednesday, the legislature claimed PNB said it has made an arrangement of ₹ 215.21 crore, which is legally necessary, after it recognized the extortion at its corporate financial branch in Ahmedabad.
"Announcing of borrowal misrepresentation of Rs 1203.26 crore in NPA record of M/s Sintex Industries Ltd (SIL) everywhere Corporate Branch at Ahmedabad, Zonal Office, Ahmedabad," PNB said in the administrative documenting.
Sintex is an easily recognized name in India and is better known for making plastic water tanks. Sintex bunch is possessed by Sintex Plastics Technology Ltd that demerged from Sintex Industries in 2017.
In the midst of Covid pandemic and poor financial conditions, the banks are attempting to recuperate the cash from NPAs and are finding the organizations which have taken colossal credits and are not compensating them under any circumstances.
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