Banking News

Read the full story

Source: Economic Times

Economic Times
Source
Banking Sector
Category
1 min
Read time
31 Aug
Published
Banking Sector
1 min read· Economic Times

Canara Bank recovers ₹510 crore from Rajesh Exports

Rajesh Exports has cleared ₹510 crore owed to Canara Bank. The repayment came after a debt recovery tribunal issued an order.

Canara Bank has recovered the full ₹510 crore due from the company, according to the report. The development marks a completed recovery of the reported dues, rather than a partial payment or an announcement of a future repayment plan.

The bank approached the debt recovery tribunal after Rajesh Exports blocked its other attempts to recover the money. The tribunal’s order was followed by repayment. However, the report does not explain which earlier recovery measures the bank had tried or how the company prevented them from progressing.

The report also mentions allegations by SEBI that Rajesh Exports had misrepresented its finances. These are described as allegations, not established findings. No further details about that matter are supplied, and the report does not establish a link between those allegations and the repayment to Canara Bank.

Several details of the recovery have not been stated, including the date of the tribunal order and the split of the ₹510 crore between principal, interest or other charges. The report also gives no information about the accounting treatment of the amount recovered.

#CANARA#SEBI
Source: Economic Times