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Sunday,24-October-2021

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Mumbai firm: 14 banks struggle to recover Rs 3,635 crore

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A consortium of 14 public sector banks, led by the Bank of India on Friday initiated the process to recover staggering loans totally worth Rs 3,635.25 crore from a Mumbai-based defaulter, Frost International Ltd.

Banking circles describe this as a revelation of one of the biggest defaulters in recent months, comparable to the league of big-time debtors like absconding diamantaires Nirav Modi, Mehul Choksi and the Sterling Biotech Group.

Besides BoI, the other banks of the consortium are: the Bank of Baroda, the Canara Bank, the Central Bank of India, the Andhra Bank, the Oriental Bank of Commerce, the Punjab National Bank, the Syndicate Bank, the Union Bank of India, the Indian Overseas Bank, the UCO Bank, Vijaya Bank, Allahabad Bank, and the United Bank of India.

Of these, only two banks – BoI and BoB – have outstanding of a whopping Rs 606.17 crore and Rs 526.05 crore, respectively, from Frost International Ltd, an unlisted company.

The lowest outstanding is shown for Andhra Bank, at Rs 47.85 crore, while the other banks are in the range of Rs 100 crore-Rs 390 crore.

A government-recognised trading house, the 25-year old company deals in metals, minerals, petro products, textiles, fabrics, agro-commodities, equipments and other items and has a global presence in 25 countries.

For starters, the banks’ consortium has slapped notices on the company and threatened to seize its immovable assets/properties in some prime localities of suburban Mumbai.

These include four offices with car parking slots inthe Meadows commercial complex in Andheri east, shops No. 1 to 4 in Oberoi Chambers-1, owned by Globiz Exim Pvt. Ltd. shops No. 101 to 108 in the same premises belonging to NSD Nirman Pvt. Ltd., and two offices in Crystal Plaza, Andheri west, owned by Sunil Verma.

The banks’ consortium has served a 60 day ultimatum to the defaulter to clear all their pending dues plus interest as applicable to each bank.

Frost International Ltd’s registered office is in Bandra Kurla Complex, Mumbai, its head office and international marketing division is in Hospitality District, New Delhi and the corporate office is in Kanpur.

Despite repeated attempts by IANS to contact all its offices, none of the top management, including its directors, were available for comments on the matter.

The bank consortium’s latest action assumes significance in the wake of the proposed merger of various nationalized banks in which two banks – BoI and BoB – will continue as independent entities.

However, almost all the remaining banks shall be merged in one or the other groups, as announced by Finance Minister Nirmala Sitharaman last month, as part of the reforms in public sector banking.

Business

No increase in fuel prices for 2nd consecutive day on Tuesday

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Petrol

 Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.

With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.

The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.

Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.

Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.

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Business

Markets open on a positive note

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Bombay-Stock-Exchange

 The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.

The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.

On Monday, the Sensex closed at 61,765.59 points.

The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.

The Nifty is trading at 18,549.55 points in the morning.

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Business

Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets

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Petrol

 Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.

In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.

The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.

Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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