PNB Bhushan Power Steel,PNB share price update

PNB reports over ₹3800 crore extortion by Bhushan Power and Steel

  • The introduction of ₹3,800 crore incorporates local presentation of ₹3,191 crores, abroad introduction of $49.71 million at the bank's Dubai branch and $38.51 million at its Hong Kong branch
  • PNB said the organization abused bank assets and controlled books to raise assets from consortium moneylenders
PNB Bhushan Power Steel,PNB share price updatePunjab National Bank on Saturday said it has identified an extortion of ₹3,805.15 crore by Bhushan Power and Steel Ltd and has revealed it to the Reserve Bank of India.
The presentation of ₹3,800 crore incorporates local introduction of ₹3,191 crore, abroad presentation of $49.71 million at the bank's Dubai branch and $38.51 million at its Hong Kong branch.


PNB said the organization misused bank assets and controlled books to raise assets from consortium loan specialists.

"Based on Forensic Audit Investigation discoveries and the CBI documenting a FIR on a suo moto premise, against the organization and its executives, asserting preoccupation of assets from the financial framework, an extortion of ₹3,805.15 center is being accounted for by the bank to the RBI," the bank said.

The state-claimed bank additionally said that it has made arrangement of ₹1,932.47 crore against this record.

BPSL is one of the 12 records recognized by the RBI for indebtedness procedures. JSW Steel has offered to pay ₹19,350 crore to money related banks, which infers a hair-cut of around 60% for moneylenders.

The state-claimed bank announced the extortion when it is recouping from the Nirav Modi trick, where it was cheated of ₹11,400 crore.

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PNB Bhushan Power Steel,PNB share price update

According to the data given above, The provisional figure in the coming Q1 2019-20 can be seen bigger in the balance sheet.