Another name appears in witch-hunting by banks; diamond house Winsome Group under Rs 6, 800 crore debt
Advertisement
Vijay Mallya is just the tip of the iceberg and banks are now going strong on revealing the defaulters and naming them publicly.
Another name that has appeared is ofWinsome Group , which are now a distant memory.
In 2013, two Winsome Group companies, a diamond house, defaulted with 14 banks and created a debt of Rs 6, 800 crore with local lenders.
Now, the CBI is investigating the long forgotten matter and even lenders are resorting to name and shame some of the former and present independent directors of Winsome Diamonds & Jewellery and another group company, Forever, to get their money back.
Even Punjab National Bank, with exposure of Rs 1, 800 crore, has sprung into action and has sent out letters to three people asking them to help in arranging repayment.
Failing to do so, banks will declare them as 'wilful defaulters' and even publish their names and photographs in newspapers.
They are Harimohan Namdev, a practising company secretary; Madan Khurjekar, a former banker; and Urvashi Saxena, who was a senior official with the income-tax department. Among them, Namdev is still on the board of Winsome.
As per a report in Economic Times, three of them said they have replied back to the PNB, saying that as per Reserve Bank of India rules independent directors cannot be declared 'wilful defaulters ' for a company's failure to repay loans.
A wilful defaulter is a person who will barred from getting any loans from banks in the future and from taking up post on boards of listed companies.
(Image: Thinkstock)
Advertisement
Another name that has appeared is of
In 2013, two Winsome Group companies, a diamond house, defaulted with 14 banks and created a debt of Rs 6, 800 crore with local lenders.
Now, the CBI is investigating the long forgotten matter and even lenders are resorting to name and shame some of the former and present independent directors of Winsome Diamonds & Jewellery and another group company, Forever, to get their money back.
Even Punjab National Bank, with exposure of Rs 1, 800 crore, has sprung into action and has sent out letters to three people asking them to help in arranging repayment.
Failing to do so, banks will declare them as 'wilful defaulters' and even publish their names and photographs in newspapers.
Advertisement
They are Harimohan Namdev, a practising company secretary; Madan Khurjekar, a former banker; and Urvashi Saxena, who was a senior official with the income-tax department. Among them, Namdev is still on the board of Winsome.
As per a report in Economic Times, three of them said they have replied back to the PNB, saying that as per Reserve Bank of India rules independent directors cannot be declared '
A wilful defaulter is a person who will barred from getting any loans from banks in the future and from taking up post on boards of listed companies.
(Image: Thinkstock)
Advertisement
- Global stocks rally even as Sensex, Nifty fall sharply on Friday
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market