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Corporate <keyword id="128499" type="General" weightage="80" keywordseo="insolvency" source="Orion">insolvency</keyword> resolution process (<keyword id="1061688" type="General" weightage="80" keywordseo="cirp" source="Orion">CIRP</keyword>) was initiated in the cases of <keyword id="127124" type="General" weightage="100" keywordseo="dhfl" source="Orion">DHFL</keyword>, <keyword id="44525" type="General" weightage="80" keywordseo="abg-shipyard" source="Orion">ABG Shipyard</keyword> and Bhushan Power and Steel (BPSL), and resolution plans were approved in cases of DHFL and BPSL, with an amount realisable to creditors of Rs 37,167 crore and Rs 19,895 crore, respectively. Various mechanisms are available for recovery, which include, inter alia, filing of a suit in civil courts or in Debts Recovery Tribunals, action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, filing of cases for initiation of corporate insolvency resolution process (CIRP) in the <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> under the Insolvency and Bankruptcy Code, 2016, said a written reply by the <keyword id="47209" type="General" weightage="50" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> in Lok Sabha on Monday. "As per the inputs received from the Insolvency and Bankruptcy Board of India, CIRP was initiated in the cases of DHFL, ABG Shipyard and Bhushan Power and Steel (BPSL), and resolution plans were approved in cases of DHFL and BPSL, with amount realisable to creditors of Rs. 37,167 crores and Rs. 19,895 crores respectively," said the reply. Further, a liquidation order was passed in the case of ABG Shipyard, and more than Rs.1,000 crore has been realised by the liquidator from the sale of assets. The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> has informed that any bank has reported no fraud pertaining to H-Tech Auto, announced the Ministry. Further, the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> has informed that charge sheets have been filed by it in the cases of DHFL, ABG Shipyard and BPSL. Besides that, the Directorate of Enforcement has apprised that proceeds of crime amounting to Rs 10,232.43 crore have been attached and six persons have been arrested in these cases, under the provisions of the <keyword id="6355007" type="General" weightage="50" keywordseo="prevention-of-money-laundering-act" source="Orion">Prevention of Money Laundering Act</keyword>, 2002, added the reply. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/hotel-industry-bounces-back-after-three-years-into-the-pandemic/articleshow/99032044.cms">Hotel industry bounces back after three years into the pandemic</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/alibaba-founder-jack-ma-spotted-at-a-school-in-china-after-long-absence/articleshow/99034315.cms">Alibaba founder Jack Ma spotted at a school in China after long absence</a>

CIRP initiated in cases of DHFL, ABG Shipyard, Bhushan Power & Steel

The Central Bureau of Investigation (<keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword>) has lodged a fresh loan fraud case of Rs 1688 crore against <keyword id="44525" type="General" weightage="100" keywordseo="abg-shipyard" source="Orion">ABG Shipyard</keyword> owner <keyword id="13160809" type="General" weightage="80" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> and others. The CBI had last year booked Agarwal for a loan fraud of Rs 22000 crore which was said to be the biggest bank loan fraud. A senior CBI official said that a written complaint was received from <keyword id="321124" type="General" weightage="80" keywordseo="karambir-singh" source="Orion">Karambir Singh</keyword>, Chief Manager, Punjab National Bank (PNB) Mumbai on behalf of other banks (e-OBC, UCO Bank, <keyword id="6355303" type="General" weightage="80" keywordseo="bank-of-india" source="Orion">Bank of India</keyword>, Bank of Baroda (e-Dena Bank) and e-United Bank of India) against Vadraj Cement Ltd, Rishi Kamlesh Agarwal (Promoter-Director), <keyword id="15057157" type="General" weightage="80" keywordseo="krishna-gopal-toshniwal" source="Orion">Krishna Gopal Toshniwal</keyword> (Director), <keyword id="2392548" type="General" weightage="80" keywordseo="vijay-prakash-sharma" source="Orion">Vijay Prakash Sharma</keyword> (Professional Director) and others for causing wrongful loss of Rs 1107.62 crore to the consortium of lending banks led by the PNB. The PNB received a letter of consent from the Central Bank of India (part of the consortium) for fraud committed by the said company to the tune of Rs 580.79 crore. "The total amount of fraud and wrongful loss committed by the company towards the consortium of lending banks comes to the tune of Rs 1688.41 crore. After receiving the complaint we lodged a case under sections 120-8, 420 IPC and 13(2) read with 13(1)(d) of PC Act against the accused," said the official. In the coming days, the CBI can now issue summons to all the accused to join the probe in the matter. Further investigation in the matter is on. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/world-is-in-a-state-of-crisis-difficult-to-predict-how-long-it-will-last-modi/articleshow/96934401.cms">World is in a state of crisis, difficult to predict how long it will last: Modi</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/bank-staff-to-strike-work-on-jan-30-31/articleshow/96939495.cms">Bank staff to strike work on Jan 30, 31</a>

Fresh case of loan fraud of ₹1,688 crore against ABG Shipyard owner Rishi Agarwal, others

The <keyword id="157915" type="General" weightage="50" keywordseo="national-transportation-safety-board" source="Orion">National Transportation Safety Board</keyword> (<keyword id="157638" type="General" weightage="80" keywordseo="ntsb" source="Orion">NTSB</keyword>) in the US has asked the government to tell automakers to install alcohol impairment detection systems in all new vehicles to detect drunk or impaired driving. The recommendation was made after an investigation into a <keyword id="2379" type="General" weightage="20" keywordseo="california" source="Orion">California</keyword> crash that killed nine - including seven children. The crash, on New Year's Day 2021 in Avenal, California, was caused by an impaired driver who was speeding, the NTSB found. The investigators found that the SUV driver had a high level of alcohol intoxication and was operating at an excessive speed. "Technology could've prevented this heartbreaking crash a" just as it can prevent the tens of thousands of fatalities from impaired-driving and speeding-related crashes," said NTSB Chair <keyword id="15057655" type="General" weightage="50" keywordseo="jennifer-homendy" source="Orion">Jennifer Homendy</keyword>. "We need to implement the technologies we have right here, right now to save lives," he said in a statement. As a result of the investigation, the NTSB has recommended measures leveraging new in-vehicle technologies that can limit or prohibit impaired drivers from operating their vehicles as well as technologies to prevent speeding. The safety board has also recommended intelligent speed adaptation systems to curb reckless driving. "We have to remember that technology is only part of the solution. To save lives on our roads, we need to look more broadly at the entire transportation system, which includes everything that can prevent a crash," said <keyword id="15057656" type="General" weightage="50" keywordseo="homendy" source="Orion">Homendy</keyword>. Speeding is also a problem that research suggests is worsening. In 2020, there were 11,258 fatalities in crashes in which at least one driver was speeding, according to NHTSA. The issues of impaired driving and excessive speeding are both on the NTSB's Most Wanted List of Transportation Safety Improvements. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/neha-narkhede-the-youngest-self-made-woman-entrepreneur-in-india/slidelist/94375782.cms">Neha Narkhede — The youngest self-made woman entrepreneur in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ed-attaches-property-worth-2747-cr-of-abg-shipyard-in-bank-fraud-case/articleshow/94375989.cms">ED attaches property worth ₹2,747 cr of ABG Shipyard in bank fraud case</a>

Cars should get in-build tech to tame drunk drivers, says US safety board

The Enforcement Directorate (ED) on Thursday attached assets worth Rs 2,747.69 crore of the ABG Shipyard Limited in bank fraud case. The ED said that the attached assets include Shipyards in Gujarat's Surat and Dahej; agricultural lands and plots, various commercial and residential premises in Gujarat and Maharashtra; and bank accounts owned by <keyword id="155095" type="General" weightage="80" keywordseo="abg-shipyard-ltd" source="Orion">ABG Shipyard Ltd</keyword>, its group companies and other related entities. The ED initiated a money laundering investigation on the basis of an FIR registered by the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI). Investigation by ED revealed that ABG Shipyard Ltd and its Chairman and Managing Director <keyword id="13160809" type="General" weightage="80" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> availed various credit facilities from consortium of Banks led by ICICI Bank, Mumbai on the pretext of meeting its capital requirements and other business expenses, but ABG Shipyard Ltd misappropriated the credit facilities availed from the consortium and diverted the funds for the purposes other than its actual cause in the garb of various loans, advances, investments to various related entities incorporated in India and abroad. It caused monetary loss to the tune of Rs 22,842 crore to the consortium. The ED has traced movable and immovable assets totaling Rs 2747.69 crore belonging to ABG Shipyard Ltd, its group companies, Bermaco Energy Systems Ltd., <keyword id="78238" type="General" weightage="80" keywordseo="dhananjay-datar" source="Orion">Dhananjay Datar</keyword>, <keyword id="15057158" type="General" weightage="50" keywordseo="savita-dhananjay-datar" source="Orion">Savita Dhananjay Datar</keyword>, <keyword id="15057157" type="General" weightage="80" keywordseo="krishna-gopal-toshniwal" source="Orion">Krishna Gopal Toshniwal</keyword>, <keyword id="1896504" type="General" weightage="80" keywordseo="viren-ahuja" source="Orion">Viren Ahuja</keyword> and attached them under the provisions of Prevention of Money Laundering Act (PMLA). Further investigation in the matter is on. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indias-microfinance-loan-portfolio-stands-at-3-lakh-crore-with-6-crore-unique-borrowers/articleshow/94375376.cms">India’s microfinance loan portfolio stands at ₹3 lakh crore with 6 crore unique borrowers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/how-did-the-hot-debate-on-moonlighting-start/slidelist/94374503.cms">How did the hot debate on moonlighting start?</a>

ED attaches property worth ₹2,747 cr of ABG Shipyard in bank fraud case

<ul><li><keyword id="44525" type="General" weightage="80" keywordseo="abg-shipyard" source="Orion">ABG Shipyard</keyword>, one of the most prominent private sector shipyard companies in India, has allegedly defrauded banks of nearly ₹23,000 crore.</li><li>Two systemically important banks, <keyword id="6653" type="General" weightage="80" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> and <keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>, have an exposure of nearly 44%.</li><li>Here’s a full list of banks with exposure to ABG Shipyard, and how their stocks have reacted to the news.</li></ul>The ABG Shipyard fraud case could be the biggest bank fraud case in the history of India, with an exposure of ₹22,842 crore to a consortium of 28 banks led by the State Bank of India and ICICI Bank. Of the total ₹22,842 crore exposure to ABG Shipyard, there are two domestic systemically important banks – otherwise known as ‘too big to fail’ – ICICI Bank and the state-run SBI. <cmsannotation type="cmsannotation" annotationid="Here’s how much exposure each bank has to ABG Shipyard:" comment="subhead" text="Here’s how much exposure each bank has to ABG Shipyard:">Here’s how much exposure each bank has to ABG Shipyard:</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Exposure </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share gain/loss </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ICICI Bank </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,089 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.10% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> IDBI Bank </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,639 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.70% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> SBI </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,925 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.20% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Bank of Baroda </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,614 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.30% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> PNB </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,244 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.80% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Others </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,331 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Total </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22,842 crore </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody><tbody></tbody></table> Note: Share gain/loss as of 10:00 a.m., February 14 As per the FIR filed on SBI’s complaint, a forensic audit conducted by Ernst &amp; Young revealed that from April 2012 to June 2017, loans given to the company were siphoned off and were also used to purchase assets for its related parties. The company allegedly also invested some of those loans in its overseas subsidiary. The primary accused in the case are Rishi Kamlesh Agarwal, the company’s former chairman and managing director, Santhanam Muthaswamy, executive director and three other directors – Sushil Kumar Agarwal, Ashwini Kumar and Ravi Vimal Nevetia. The matter surfaced after an audit conducted by EY pointed towards the alleged fraud. A 2019 complaint by SBI was returned by the CBI, seeking an internal investigation by the bank, including the details of fraud committed on other banks which are a part of the consortium. SBI filed a fresh complaint in September 2020, informing the CBI that staff accountability had been dealt with and closed by the competent authority and it was found that its staff was not involved in the alleged fraud. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-wilmar-spicejet-adani-enterprises-ongc-and-other-hot-stocks-on-february-14/slidelist/89556333.cms">Adani Wilmar, SpiceJet, Adani Enterprises, ONGC and other hot stocks on February 14</a> <a href="https://www.businessinsider.in/tech/news/what-to-expect-at-apples-march-8-event-iphone-se-3-ipad-air-5-and-new-mac-mini/articleshow/89398279.cms">iPhone SE 3, iPad Air 5 and everything else you need to know about Apple's March 8 event</a> <a href="https://www.businessinsider.in/stock-market/news/ahead-of-lic-ipo-investors-are-selling-insurance-company-stocks/articleshow/89503445.cms">Ahead of LIC IPO, investors are selling insurance company stocks</a>

SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India

<ul><li>Crude oil prices have risen to their highest level at a 7-year high as markets fear a full-blown war between Russia and US over Ukraine.</li><li>The fear of interest rate hikes in the US and its impact on the foreign money inflow into India is also playing its part.</li><li>To top it all, India’s equity investors just discovered that the biggest bank fraud ever in the country has hit two of the biggest banks.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and Nifty50, the two benchmark indices that reflect the moves in the country’s biggest listed companies, are down 2% each. The market mood in India is similar to much of the world that’s fearing a war between the <a href="https://www.businessinsider.in/politics/world/news/biden-in-a-phone-call-warned-putin-of-swift-and-severe-costs-if-russia-invades-ukraine/articleshow/89533927.cms">US and Russia over Ukraine</a>. But that’s not it. There are other factors playing on the traders mind for a few weeks now and that would explain why the Sensex has lost over 6% of its value in the last one month. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Losers among blue-chip stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change as of 11:54 a.m. on Feb 14 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.67% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.86% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.52% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.54% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.48% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.13% </td></tr></tbody></table>An outright conflict in Ukraine is likely to disrupt global crude oil supply. That could lead to a higher import bill for India, which relies on other countries for more than 80% of its crude oil demand. Having to pay more for crude oil erodes the country’s dollar reserves, weakens the rupee, increases the cost of doing business and squeezes people’s purchasing power. But that’s not all. “World markets were trying to digest record inflation in the US but the surge in geopolitical tension spoiled the mood. There is some sentimental impact of the bank fraud issue of ABG group on banking stocks but it doesn't have a material impact as it is already part of NPA,” said Parth Nyati, founder at Tradingo. Record inflation in the US is forcing the American central bank to suck out the excess cash in the system with interest rate hikes, the first of which is <a href="https://www.businessinsider.in/policy/economy/news/payments-on-everything-from-credit-cards-to-cars-could-creep-higher-in-march-as-the-fed-ramps-up-its-fight-against-inflation/articleshow/88743806.cms">scheduled in March</a>. Rise in the US interest rate does not bode well for the Indian markets. This is because foreign investors pull out their investments from the Indian share and bond market and shift it to the US markets because they can get a better return for lesser risk compared to an emerging economy like India. It also makes the dollar stronger, making imports more expensive for India. Then, there was a fraud If these macroeconomic risks weren’t enough to make the Monday morning blues worse, two of India’s biggest banks, the State Bank of India (SBI) and ICICI Bank were hit in the biggest bank fraud in the country ever. <keyword id="44525" type="General" weightage="20" keywordseo="abg-shipyard" source="Orion">ABG Shipyard</keyword>, one of the most prominent private sector shipyard companies in India, has allegedly <a href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">defrauded banks of nearly ₹23,000 crore</a>. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Exposure </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Share gain/loss </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹7,089 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3.58% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDBI Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3,639 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-2.20% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,925 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3.61% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,614 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3.61% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">PNB </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,244 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3.9% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹6,331 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹22,842 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table>The owners of ABG Shipyard allegedly siphoned some of the loans given to the company and even invested some of that money in an overseas subsidiary. This is the biggest loan fraud in India since 2017, when similar cases came to light at the Punjab National Bank (PNB). The accused, diamond merchants Nirav Modi and Mehul Choksi, are still to be apprehended. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-and-sunil-mittal-are-fast-catching-up-while-elon-musk-struggles-for-satellite-broadband-licence/articleshow/89561185.cms">India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/petrol-and-diesel-are-likely-to-get-more-expensive-as-the-cost-of-crude-oil-hits-a-seven-year-high/articleshow/89559986.cms">Petrol and diesel are likely to get more expensive as the cost of crude oil hits a seven-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

The market in India is bummed out for at least three reasons and none of them are going away in a hurry

New Delhi, Dec 27 () Markets regulator Sebi on Friday imposed a penalty of Rs 8 lakh on three non-independent directors of ABG Shipyard for misleading the company's stakeholders by approving false and mis-stated financial results.
The markets watchdog has levied a fine of Rs 3 lakh each on Arun Pathak and Syed Abdi and Rs 2 lakh on Dhananjay Datar. 
However, the regulator has disposed of case against ABG on the ground that leave of NCLT (National Company Law Tribunal) has not been obtained for commencing the adjudication proceedings against the company, which is under liquidation. 
Sebi found that ABG failed to disclose a tax-related settlement order passed in April 2016 by the income tax department to the stock exchanges. Further, the firm was responsible for publishing incorrect and mis-stated financial results over the years that lead to violation of equity listing agreements (ELA).
Pathak and Abidi were the signatory to the certification on compliance with code of conduct of ELA during 2012-13 and 2013-14, respectively and they had given a false declaration regarding the compliance of code of conduct by all board members and senior management personnel of the company as required under the equity listing agreements.
Besides, they were the members of the audit committee of the company who had failed to diligently perform the role entrusted upon them with regard to mis-stated financial results during the 2008-14.
It is further noted these persons were the non-independent directors, who had signed the CEO/CFO certification during 2012-2014 and "failed to provide proper oversight of the entire financial reporting process, they diligently did not reviewed the financial statements with the management".
Further, they did not ensure that the disclosures in the financial information forming part of the financial statement is "true, correct, sufficient and credible".
 Accordingly, the Securities and Exchange Board of India (Sebi) has imposed penalty on these persons. SP MR
MR

Sebi slaps Rs 8 lakh fine on ABG Shipyard's officials

In its biggest bank fraud case, the <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword> has booked <keyword id="54968" type="General" weightage="80" keywordseo="abg" source="Orion">ABG</keyword> Shipyard Ltd and its then Chairman and Managing Director <keyword id="13160809" type="General" weightage="20" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> along with others for allegedly cheating a consortium of banks led by State Bank of India of over ₹22,842 crore, officials said Saturday. Besides Agarwal, the agency has also named the then Executive Director <keyword id="13160808" type="General" weightage="20" keywordseo="santhanam-muthaswamy" source="Orion">Santhanam Muthaswamy</keyword>, Directors Ashwini Kumar, <keyword id="337218" type="General" weightage="20" keywordseo="sushil-kumar-agarwal" source="Orion">Sushil Kumar Agarwal</keyword> and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the IPC and the Prevention of Corruption Act, they said. The bank had first filed a complaint on November 8, 2019 on which the CBI had sought some clarifications on March 12, 2020. The bank filed a fresh complaint in August that year. After "scrutinising" for over one and a half-year, the CBI acted on the complaint filing an FIR on February 7, 2022. The company was sanctioned credit facilities from 28 banks and financial institutions with the SBI having exposure of Rs 2468.51 crore, they said. The Forensic Audit has shown that between 2012-17, the accused colluded together and committed illegal activities including diversion of funds, misappropriation and criminal breach of trust, they said. It is the biggest bank fraud case registered by the Central Bureau of Investigation (CBI). Funds were used for purposes other than for which they were released by banks, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ipl-2022-these-are-the-top-10-earners-on-the-first-day-of-the-auction/slidelist/89529916.cms">IPL 2022: These are the top 10 earners on the first day of the auction</a>

CBI books ABG in biggest bank fraud case of over ₹22,842 crore

New Delhi, Mar 25 () Markets regulator Sebi has directed Second Land Developers Pvt Ltd (SLDPL), now known as Shivris Resources Pvt Ltd, and its senior officials to pay illegal gains of a little over Rs 101 crore to ABG Shipyard Ltd within three months. The amount has to be paid along with an annual interest rate of 8 per cent. Second Land Developers, also called ABG Resources, is now known as Shivris Resources Pvt Ltd. The firm is also a promoter group entity of ABG Shipyard. The senior officials -- Rishi Agarwal and Kamlesh Kumar Agarwal -- were directors of Second Land Developers, promoters of ABG, and also held the position of chairman in ABG. The matter pertains to diversion of funds to the tune of Rs 101 crore from ABG for undue benefit to Second Land Developers. Thereby, creating a financial loss to the public shareholders of the company and illegal gains to the promoter group entity. Besides, the financial results declared by ABG Shipyard for the financial years 2008-14 were also incorrect and mis-stated. "ABG, a publicly listed company, has utilised the three entities for obtaining bogus purchase bills to the tune of Rs 101 crore, and utilised the cash generated out of such bogus transactions towards the removal of illegal encroachers on the land belonging to SLDPL, a promoter group entity. The company has also mis-stated the accounts and published incorrect financial results for FY 2008-14 in order to facilitate the entire artifice of fund diversion," Sebi said. SLDPL and the senior officials have violated the Prohibition of Fraudulent and Unfair Trade Practices norms and have been directed to refund the illegal gains to ABG Shipyard. Among other directions, the entities have been restrained from accessing the securities market for four years from the date of completion of refund and the senior officials have been directed not to hold any key managerial position in any listed entity during the period of restraint. The directions related to refund "shall take effect on the expiry of two months from the date of this order in view of the extraordinary situation caused by COVID-19 pandemic," Sebi said in an order dated March 24. SRS HRS

Sebi directs Second Land Developers, officials to refund Rs 101 cr to ABG Shipyard

Dilip Sanghvi , the founder of <keyword id="44642" type="CITY" weightage="60" keywordseo="Sun-Pharma">Sun Pharma</keyword> who recently hogged limelight for being the richest man in India surpassing the Ambanis and Adanis, may soon be the messiah for the cash strapped shipbuilder <keyword id="44525" type="COMPANY" weightage="80" keywordseo="ABG-Shipyard">ABG Shipyard</keyword>. The private shipbuilder, which operates a ship repairing unit in Goa has been pinning hopes on the Indian multi millionaire. As per a report by The Economic Times, Shanghvi's investment arm <keyword id="2791958" type="UNKNOWN" weightage="80" keywordseo="Dilip-Shanghvi-Family-Associates">Dilip Shanghvi Family &amp; Associates</keyword> (DFA) has been approached to buy 30% stake in ABG Shipyard for around Rs 2000 crore. 
 "<keyword id="207035" type="PERSON" weightage="60" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>'s arm is said to be evaluating the deal and its still early days" a source with direct knowledge has told the financial daily. L&amp;T is also in the fray to buy a stake in ABG Shipyard, sources confirmed to ET. ABG Shipyard deal has been shown to M&amp;M and Munjal family in the past, but they are out of the deal now. 
 DFA with ace investor <keyword id="1007760" type="UNKNOWN" weightage="80" keywordseo="Sudhir-Valia">Sudhir Valia</keyword> has signed many big deals including investments in debt-laden Suzlon and hopes are high that Dilip Shanghvi, who is said to be interested in the defence sector, may look at the ABG Shipyard deal closely. 
 
Talking to ET Now, ABG Shipyard's Rishi Agarwal said, "We are in discussion with many strategic players for a stake sale." 
 
(Image: Reuters)

​Dilip Shanghvi, India’s richest man, could soon be building ships

A recent <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword> reply disclosed that scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years. According to a reply by the <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword>, during 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 crore in 2020-21. As per the written reply by Minister of State for <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword>, <keyword id="14681017" type="General" weightage="20" keywordseo="bhagwat-k-karad" source="Orion">Bhagwat K. Karad</keyword> in Rajya Sabha, during 2019-20, the write-off was worth Rs 2,34,170 crore, down from Rs 2,36,265 crore, the highest in five years recorded in 2018-19. During 2017-18, the write-off by banks stood at Rs 1,61,328 crore. In all, bank loans to the tune of Rs 9,91,640 crore have been written off in the last five years -- 2017-18 to 2021-22. He also said that "scheduled commercial banks (SCBs) and all Indian financial institutions report certain credit information of all borrowers having aggregate credit exposure of Rs 5 crore and above to <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> under its <keyword id="3193833" type="General" weightage="80" keywordseo="central-repository-of-information-on-large-credits" source="Orion">Central Repository of Information on Large Credits</keyword> database. As per the data, the highest number of 2,840 wilful defaulters reported during 2020-21 was followed by 2,700 in 2021-22. The number of wilful defaulters stood at 2,207 at the end of March 2019 that rose to 2,469 in 2019-20. Gitanjali Gems topped the list of 25 wilful defaulters followed by <keyword id="102029" type="General" weightage="80" keywordseo="era-infra-engineering" source="Orion">Era Infra Engineering</keyword>, Concast Steel and <keyword id="44011" type="General" weightage="80" keywordseo="power" source="Orion">Power</keyword>, <keyword id="69372" type="General" weightage="80" keywordseo="rei-agro-ltd" source="Orion">REI Agro Ltd</keyword> and ABG Shipyard Ltd. Similarly, <keyword id="2763" type="General" weightage="80" keywordseo="mehul-choksi" source="Orion">Mehul Choksi</keyword>'s company Gitanjali Gems owes banks a whopping Rs 7,110 crore while Era Infra Engineering owes Rs 5,879 crore and Concast Steel and Power Ltd Rs 4,107 crore. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-issues-more-pilot-licenses-as-its-air-traffic-increases/articleshow/93467321.cms">India issues more pilot licenses as its air traffic increases</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/msme-credit-demand-jumps-60-from-pre-pandemic-levels-in-signs-of-rebound-in-economic-activity/articleshow/93457388.cms">MSME credit demand jumps 60% from pre-pandemic levels – a sign of rebound in economic activity</a>

₹10 lakh crore - that's how much banks wrote off in the last 5 years

New Delhi, Jun 1 () Lenders of Reliance Naval and Engineering Ltd (RNEL), a part of Reliance Group, have sought expressions of interest from buyers for the sale of private shipbuilder under the Insolvency and Bankruptcy Code. RNEL was admitted for insolvency proceedings on January 15 by the Ahmedabad bench of the National Company Law Tribunal. The last date for submission of expressions of interest (EoIs) is June 27, while the final list of prospective resolution applicants will be issued on July 17, according to an EoI offer notice issued by the resolution professional (RP). Companies with a minimum net worth of Rs 600 crore and a consolidated group turnover of at least Rs 2,000 crore can bid for the company, it said. The eligibility for financial institutions and private equity investors is Rs 1,000 crore of minimum assets under management. The company is being sold to recover outstanding loans of Rs 43,587 crore. Of this, the RP has admitted Rs 10,878 crore of dues of financial creditors, and another Rs 32,693 crore is under verification. Operational creditors have claimed another Rs 1,922 crore from the company, of which only Rs 485 crore has so far been admitted by RP, the document said. Despite having the state-of-the art facility at Pipavav in Gujarat, RNEL shipyard has been facing severe headwinds since 2013 due to the lack of orders from the Defence Ministry. The shipyard has been in a lot of stress leading to a significant reduction in operations as compared to its capacity. According to an analyst, the bankruptcy process for RNEL will have no impact on its promoter company Reliance Infrastructure (RInfra) because, while finalising its audited accounts for March 2019 RInfra has already provided for its investment in RNEL. When contacted, RNEL spokesperson declined to comment. Last month, the government had announced raising of foreign investment limit in defence manufacturing to 74 per cent under the automatic route from 49 per cent to give a boost to the domestic defence industry. An industry expert said it will be very tough for lenders to find buyers for RNEL under the ongoing process as in the past, two private shipbuilders had failed to attract any buyer during their bankruptcy process. In the absence of any buyer, ABG shipyard with a total debt of Rs 20,000 crore and Bharti Shipyard with its Rs 13,000 crore debt had to go for liquidation. This low interest in private shipbuilders is due to lack of orders from the government, he explained adding the government has not placed any significant orders with the Indian private shipyards, leading to severe stress for them. Lack of orders also forced L&amp;T to merge its L&amp;T Shipbuilding, including Kattupalli Shipyard with itself last year. The last date for submission of resolution plan for RNEL is August 6, and the plan is expected to be submitted to the bankruptcy court for approval on September 5, the offer document said. ANZ ANU ANU

Lenders to Reliance Naval seek EoIs for sale

New Delhi, Dec 18 () Markets regulator Sebi has imposed a penalty of Rs 10 lakh on Magnum Fincom Broking and 22 other entities for cornering the shares reserved for the retail category in three initial public offerings (IPOs).
 The Securities and Exchange Board of India (Sebi) conducted an investigation into the dealing of Magnum and 22 connected entities in the IPO of Kernex Microsystems, Punj Lloyd and ABG Shipyard during the period from November 2005 to January 2006 with regard to the alleged violations of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
 The probe found that Magnum employed a scheme or device of misusing the IPO allotment process by cornering the shares of the three IPOs that were intended for genuine retail allottees, and was aided and abetted by the 22 connected entities.
 Magnum has made a profit of Rs 3.34 lakh by selling the shares received through the IPO allotment, it added.
 Accordingly, the regulator has slapped a fine of Rs 10 lakh to be paid jointly and severally, on these entities.
 In a separate order, the regulator has slapped a fine of Rs 3 lakh on a stock broker Leo Financial Services for failing to maintain segregation of client's funds and misusing these funds.
 By such activity, Leo Financial Services has violated stock brokers' norm.
 In another order, the markets watchdog has levied a fine of Rs 2 lakh on Gretex Corporate Services and Rs 1 lakh on Vatsal Agarwaal for failing to obtain acquisition window for "offer to buy" on the internet-based book building system platform of the BSE before opening of the tendering period and thereby violated SAST (Substantial Acquisition of Shares and Takeover) norms. SP HRS

You Searched For "ABG Shipyard" and got 13 results

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Dilip Shanghvi, India’s richest man, could soon be building ships

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₹10 lakh crore - that's how much banks wrote off in the last 5 years

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Lenders to Reliance Naval seek EoIs for sale

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Sebi imposes Rs 10 lakh fine on Magnum, 22 others for cornering retail investors' shares in IPOs

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You Searched For "ABG Shipyard" and got 13 results

CIRP initiated in cases of DHFL, ABG Shipyard, Bhushan Power & Steel

IANS

Fresh case of loan fraud of ₹1,688 crore against ABG Shipyard owner Rishi Agarwal, others

IANS

Cars should get in-build tech to tame drunk drivers, says US safety board

IANS

ED attaches property worth ₹2,747 cr of ABG Shipyard in bank fraud case

IANS

SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India

Rounak Jain

The market in India is bummed out for at least three reasons and none of them are going away in a hurry

Bhakti Makwana

Sebi slaps Rs 8 lakh fine on ABG Shipyard's officials

PTI

CBI books ABG in biggest bank fraud case of over ₹22,842 crore

PTI

Sebi directs Second Land Developers, officials to refund Rs 101 cr to ABG Shipyard

PTI

​Dilip Shanghvi, India’s richest man, could soon be building ships

BI India Bureau

₹10 lakh crore - that's how much banks wrote off in the last 5 years

IANS

Lenders to Reliance Naval seek EoIs for sale

PTI

Sebi imposes Rs 10 lakh fine on Magnum, 22 others for cornering retail investors' shares in IPOs

PTI

Popular Keywords

Buying Guides

Dilip Shanghvi, India’s richest man, could soon be building ships