In rush to lend to Kingfisher, IDBI brass dumped rulebook: CBI


The Central Bureau of Investigation has accused IDBI Bank’s management of hatching a conspiracy with Vijay Mallya and others over loans that were made to Kingfisher Airlines in 2009 in violation of rules. Norms related to risk, compliance and collateral among others were overlooked despite Mallya’s weak financial position, CBI said in a 2,000-page charge sheet, part of which EThas reviewed.

Nine persons, including former IDBI bank chairman Yogesh Aggarwal, were arrested on January 23 and later remanded to judicial custody. .

The agency said Mallya had met Aggarwal on October 6, 2009, following which the carrier’s chief financial officer, A Raghunathan, submitted a loan request the next day. The company sought Rs 950 crore, saying that Rs 150 crore of this was urgently needed. Read More…

You may also read!

Jammu And Kashmir: Amid Repeated Skirmishes Along LoC, Sniper Fire Fatalities See Uptick In Recent Months

In 1 September, Kamaljit Singh, an assistant sub-inspector with the Border Security Forces (BSF) was injured along with three

Read More...

Boeing: Budget Airlines To Drive Plane Demand In Next 20 Years

 Smaller planes will dominate aviation orders worldwide in the next 20 years, driven by the needs of budget airlines

Read More...

DGCA Gives Aerodrome License To Shirdi Airport

As per an ET report by Anirban Chaudhary, the Directorate General of Civil Aviation (DGCA) has given an aerodrome

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu