Bank Of Baroda Discloses Rs 456 Crore Exposure To Rotomac Global
State-owned Bank of Baroda said that it has an exposure of Rs 456.6 crore to Rotomac Global Pvt.
Rotomac is currently being investigated by the Central Bureau of Investigation and the Enforcement Directorate in connection with an alleged bank loan fraud of Rs 3,695 crore.
The bank, in a filing to stock exchanges, said that the account of Rotomac Global was declared a non-performing asset by it on Oct. 3, 2015, and that the lender has made 100 percent provisioning for the loan.
Also Read: CBI Books Rotomac Promoter In Rs 3,700 Crore Fraud
BoB was asked by stock exchanges for clarification regarding news reports related to Rotomac.
After the CBI and ED, the Income Tax Department has stepped up action against the Kanpur-based Rotomac group and its promoter, Vikram Kothari, attaching 11 bank accounts in connection with an alleged tax evasion probe against them, sources said.
The bank added that it had taken necessary “recovery measures” in lieu of the default and had filed proceedings in the Debt Recovery Tribunal in October 2016, while a decree in the bank's favour was granted in January 2017. It has also initiated action against Rotomac Global under the SARFAESI Act, the filing said.
After the enactment of Insolvency and Bankruptcy Code, the bank initiated corporate insolvency resolution process at NCLT Allahabad in June 2017 and the process is underway.
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