NEW DELHI: Public sector Punjab Nationwide Financial institution (PNB) on Wednesday declared its Rs 1,203.26 crore publicity to Sintex Industries Ltd as fraud.
Pursuant to the relevant provisions of Sebi’s Itemizing Obligations and Disclosure Necessities (LODR) and the financial institution’s coverage, “we inform reporting of borrowal fraud of Rs 1,203.26 crore in NPA account of Sintex Industries Ltd (SIL),” PNB mentioned in a regulatory submitting.
The fraud reporting pertains to the massive company department at Ahmedabad zonal workplace, it added.
“The fraud of Rs 1,203.26 crore is being reported by financial institution to RBI within the accounts of the Firm (SIL). Financial institution has already made provisions amounting to Rs 215.21 crore, as per prescribed prudential norms,” it added.



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