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!

Surfing internet in plane soon possible, but voice call has to wait

Your wait to use mobile phones on airplanes may soon be over, but you may only get to surf

Read More...

Future of ties will depend on Pakistan acting on terror: US official

The United States has still not seen decisive action by Pakistan against terrorists operating from its soil a year

Read More...

Separatist shutdown affects life in Kashmir Valley

A shutdown called by separatists affected life across the Kashmir Valley on Thursday with heavy security deployed here and

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu