Govt extends timeline for Global Tender for REPM scheme (See 'Corp Brief') Indian Pharmacopoeia Commission organizes Scientific Conclave (See 'Corp Brief') Scindia reviews Key Development Projects during Sikkim Visit (See 'Corp Brief') Union Minister of State for Coal & Mines reviews CMPDIL (See 'Corp Brief') Commerce Minister chairs meet on promoting fisheries exports (See 'Corp Brief') Govt reviews progress of micro Food Processing Enterprises in Leh (See 'Corp Brief') Railways carries 170% more Cement in last 4 Months (See 'Corp Brief') A&C - Later attempt by insurer to artificially split same claim into separate components of admitted and denied liability does not render unpaid component non-arbitrable: HC (See 'Legal Desk') Self-reliance and jointness must for strategic autonomy & future-ready force: RM (See 'Corp Brief') NCB launches 6-Month Online Certification Program on Advanced Concrete Technology (See 'Corp Brief') Pradhan chairs coordination forum meeting of IIMs at Ahmedabad (See 'Corp Brief') IBC - CoC's reasoned decision not to consider unsolicited post-submission addendum is within its commercial wisdom and is not liable to judicial interference absent any violation of Sec 30(2) or Sec 61(3): NCLAT (See 'Legal Desk') MoS visits Eastern Coalfields Limited (See 'Corp Brief') Department of School Education Secretary launches Bharatiya Bhasha Summer Camp in New Delhi (See 'Corp Brief') IndiaAI Mission and NHA felicitate Winners of AB PM-JAY Auto-Adjudication Hackathon (See 'Corp Brief') Jammu-Srinagar Vande Bharat Express Services serve around 45,000 Pax in first 10 Days of its Run (See 'Corp Brief') National Conference held on nationwide EV Charging Infrastructure under E-DRIVE Scheme (See 'Corp Brief') IPR - Computer-related invention which merely uses algorithm to colour-code message recipients based on message address characteristics, does not become patentable: HC (See 'Legal Desk') NHAI successfully defends arbitration claims in Panipat–Jalandhar Highway Disputes (See 'Corp Brief') Kumaraswamy announces Rs 123 Crore EV Charging Boost for Karnataka (See 'Corp Brief') Pradhan addresses Bharat Innovates 2026 High-level Diplomatic Conclave (See 'Corp Brief') AIIMS New Delhi has always been more than a hospital - a brand in itself: Nadda (See 'Corp Brief') Misc - If Union of India claims title over land on basis of old government grant and subsequent constitutional vesting, it must prove that title in fact remained vested in Government: HC (See 'Legal Desk') CCI approves acquisition of Kenvue Inc. by Kimberly-Clark (See 'Corp Brief') CCI approves Adani Power to buy stake of GVK Energy (See 'Corp Brief') IBC - If transaction was builder-linked contractual arrangement rather than pure financial debt default, Section 7 IBC proceedings cannot be used in parallel with DRT recovery proceedings: SC (See 'Legal Desk') CCI approves acquisition of stake in Llyods Engineering by Thriveni Earthmovers (See 'Corp Brief') CCI approves acquisition by CPPIB India in Ctrl S Datacenters (See 'Corp Brief') Govt pushes India Post toward Corporate-Style Efficiency (See 'Corp Brief') IPR - Use of house mark does not by itself obviate infringement or passing off: HC (See 'Legal Desk') Present petro conservation intended towards long-run capacity building: RM (See 'Corp Brief') Atal Innovation Mission hosts AIM Sumvaad- Central India to strengthen regional incubators (See 'Corp Brief') FERA - Foreign judgment is unenforceable in India as it fell within exceptions u/s 13 CPC: SC (See 'Legal Desk') Forum of Regulators celebrates 21 Years of strengthening India's Power Sector (See 'Corp Brief') A&C - Once seat of arbitration is expressly designated by agreement of parties, that seat becomes juridical home of arbitration and operates akin to exclusive jurisdiction clause: SC (See 'Legal Desk') Supreme Court lays down scenarios for lifting of Doctrine of Corporate Veil (See 'CORP EINSICHTf') Fisheries Secy visits ornamental fish brood bank in Maharashtra (See 'Corp Brief') Company Law - For purpose of maintainability of petitions u/s 397 & 398, expression ‘member' is not to be confined only to formal entry in register of members u/s 41(2): SC (See 'Legal Desk') Over 3,500 Participants compete in AB PM-JAY Hackathon (See 'Corp Brief') Scindia, Fadnavis inaugurate renovated Andheri RS Post Office as Future-Ready Service Hub (See 'Corp Brief') IBC - While subsidiary companies are separate legal entities, corporate veil may be lifted if associated companies are inextricably connected so as to form one concern: SC (See 'Legal Desk')

Print

Karnataka Bank reports fraud of Rs 34.16Cr to RBI

Published: Feb 20, 2021

By TIOLCORPLAWS News Service

NEW DELHI, FEB 20, 2021: PRIVATE sector lender Karnataka Bank has reported fraud of Rs. 3416 crore in its credit facilities extended to the IL&FS Transportation Networks Ltd, it said in a regulatory filing on Friday.

"The bank has reported to RBI (Reserve Bank of India) a fraud in the credit facilities extended earlier to IL&FS Transportation Networks Ltd with an outstanding balance of Rs. 34.16 crore (defaulted entity)," it said.

The lender said IL&FS Transportation had availed credit in 2016 from multiple banking arrangements in which Karnataka Bank was one of the members.

During 2018, the borrowing account was classified as non-performing asset and has been fully provided for, it added.

"As such, there is no impact on financials of the bank going forward," the bank said.

IL&FS Ltd, or Infrastructure Leasing and Finance Services, was a core infrastructure finance company that collapsed in late 2018 after it defaulted on its payment obligations of bank loans, including interests, term and short-term deposits and failed to meet the commercial paper redemption obligations. The group and its subsidiaries were sitting on a debt of around Rs. 91,000 crore at the time.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.