Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: 4.3
Article rating: No rating
Article rating: 2.0
Article rating: 1.5
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Possess enough assets and capital to meet liability: PNB

Author: IANS/Friday, February 23, 2018/Categories: Banking & Financial Services

Possess enough assets and capital to meet liability: PNB

Mumbai, Feb 22 - The $1.8 billion fraud-hit Punjab National Bank (PNB) on February 22 reiterated that it had enough assets/capital to meet any liability which is decided as per law.

The bank said this in response to a clarification sought by the stock exchanges about what would be "the impact of the event on the financials and operations of the bank".

Further when asked why the bank had not reported the filing of the FIR with Central Bureau of Investigation (CBI) at the occurrence of the event, the bank said: "Since law enforcing agencies were assigned to investigate the matter, any news in public would have alerted the fraudster affecting recovery."

When the exchanges asked the bank about Nirav Modi's comment that PNB has closed all option to recover dues by going public, the bank clarified: "We have followed lawful avenues available to us as per law of land to recover our dues."

The exchanges sought further clarification, asking "it has been observed that the quantum of the amount of fraud was initially reported by the bank as Rs 280 crore and in a subsequent disclosure the amount was reported as approximately Rs 11,000 crore."

The bank said: "On February 5, 2018, we on the basis of preliminary investigation report, informed simultaneously to our Board as well as to BSE and NSE of initial fraud case of Rs 280.70 crore. 

"Upon receiving further investigation report enhancing the fraud amount to Rs 11,394.02 crore ($1.77 billion) FMR with RBI, FIR with CBI were filed in evening of February 13, 2018 and information with BSE & NSE on February 14, 2018 around 9.00 am," the bank added.

Print Rate this article:
No rating

Number of views (86)/Comments (0)

Kavita Giridhar Mallya

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free