Shares of Union Bank of India slump to 11-year low

Frederick Owens
March 24, 2018

The bank alleged in the complaint that it suffered a loss of Rs 313.84 crore as the loans given to the company had become NPA in June, 2012. It said the total dues towards the consortium stand at Rs 1,394.43 crore.

After registering the case, searches were conducted at two places in Hyderabad, including at the residence and office of the accused and the company. Salalith is also director in 10 other private firms dealing in road construction.

Totem Infrastructure figured in income tax department's list of the biggest tax defaulters in 2015 with an outstanding tax of over Rs400 crore.

"The company had diverted funds by opening accounts outside the consortium and through payments of wages by showing excess expenditure and inflated stocks".

The investigating agency has now issued lookout circulars against promoters and directors Salalith and Kavita to prevent them from leaving the country.

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According to the complaint, Loan was taken from a consortium of eight banks including Union Bank of India.

New Delhi: CID sleuths have arrested a director of Paonta Sahib-based firm Indian Technomac Company in a almost Rs 6,000 crore fraud case.

On Wednesday, the CBI filed a case against a Chennai-based jeweller, Kanishk Gold Pvt Ltd, for defrauding a consortium of 14 banks led by the State Bank of India to the tune of Rs 824.15 crore in the form of loans that have now been declared as non-performing asset (NPA).

The couple had cheated a consortium of eight banks by availing credit facilities for projects and also sub-contracted the work to various companies. Syndicate Bank fell 6.8%, Bank of India 5%, Oriental Bank of Commerce 5%, IDBI Bank 5%, Corporation Bank 4.2%, Uco Bank 4%, State Bank of India 3%, Axis Bank 3.7% and Canara Bank was down 3.7%.

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