Disclosure Of Material Information.

In the audited financial statement, it has been reported that the advances of the bank (net of provisions) was Rs.25768.00 Crores after the adjustment of third party deposits amounting Rs.794.00 Crores. The said deposits relates to M/s.Religare Finvest Ltd and the same were held as security for the loans extended to M/s.RHC Holding Pvt.Ltd & M/s.Ranchem Pvt Ltd. On account of default in clearing the loans, the said deposits were closed and the proceeds were adjusted to clear the said loan loans. As per legal opinion received by the bank, the adjustment of deposits against loans are lawful. Now, M/s.Religare Finvest Ltd has filed a suit in CS.(COMM).940/2018 against our Janpath Branch before the Hon’ble High Court Delhi, disputing the said adjustment and the same is being defended appropriately by the bank

This is for your kind information and records.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s