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!

First Workshop On Simplified Make II Projects For Indian Navy By SIDM

The Society of Indian Defence Manufacturers (SIDM) is organising the first workshop on simplified Make II on 26 April

Read More...

Differences Shouldn’t Lead To Disputes”: Nirmala Sitharaman In China

Differences should not lead to disputes in relations between India and China, Defence Minister Nirmala Sitharaman said today as

Read More...

Arguments Of Political Convenience To Provide Alibi For Terror Groups No Longer Tolerable: Sitharaman

Asserting that the world has now realised that there are "no good terrorists", India today said that arguments of

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu

Bharat Forge ad