Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
1-min read

Promoter of Hanung Toys That Owes Rs 2,300 Cr to PNB-led Consortium Detained at Airport as Bank Issues LOC

Hanung Toys and Textile Ltd owes Rs 2,300 crore from a consortium of 15 lenders led by state-owned PNB, which alone has exposure of Rs 599 crore.

PTI

Updated:November 3, 2019, 5:04 PM IST
facebookTwitter Pocket whatsapp
Promoter of Hanung Toys That Owes Rs 2,300 Cr to PNB-led Consortium Detained at Airport as Bank Issues LOC
File photo of Punjab National Bank.

New Delhi: Airport authorities on Sunday detained debt-ridden Hanung Toys promoter Ashok Kumar Bansal and his wife Anju Bansal following lookout circular (LOC) issued by Punjab National Bank (PNB).

BHanung Toys and Textile Ltd owes Rs 2,300 crore from a consortium of 15 lenders led by state-owned PNB, which alone has exposure of Rs 599 crore.

PNB issued 13 LOCs including one against the promoter of Hanung Toys on Saturday, sources said.

Acting on the LOC, airport authorities detained the Bansals while they were coming from Dubai on Sunday morning, sources said.

Several banks of the consortium have already declared the company a wilful defaulter.

In a bid to prevent big economic offenders from fleeing the country, the government late last year empowered public sector banks (PSBs) to request lookout circulars (LOCs) against wilful defaulters and fraudsters.

The finance ministry had issued a circular authorising chairman-cum-managing directors or chief executive officers of public sector banks to request designated authorities to issue LOCs against any wilful defaulter or fraudster if they think the person may flee the country.

The CMDs and CEOs of PSBs can now ask the Home Ministry, Ministry of External Affairs, Customs and Income Tax Departments, Directorate of Revenue Intelligence, CBI, regional passport officers and police to issue an LOC to alert immigration check posts to stop anyone leaving India.

Earlier, investigating agencies would request LOCs in cognisable offences under the Indian Penal Code or other laws in case the accused evaded arrest or did not appear before court despite issuance of non-bailable warrants and other coercive measures and there was a likelihood of the accused leaving the country to escape arrest.

An LOC is valid for a year unless its duration is specified.

A corporate debt restructuring plan crafted four years ago failed to take off as Ashok Bansal, chairman and managing director of the company, could not bring in his share of equity at Rs 82 crore. That led to an increase in outstanding dues to Rs 2,300 crore.

The bank has taken several steps to improve its recovery. Cash recovery of the bank stood at Rs 2,305 crore during the quarter ended June 2019.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
SBI 321.90 5.20
Bharti Airtel 393.05 8.43
ICICI Bank 499.85 0.24
Reliance 1,470.85 0.55
Yes Bank 68.70 -0.07
Company Price Change %Gain
Cipla 463.10 2.57
SBI 322.00 5.19
Bharti Airtel 393.20 8.42
Eris Life 410.15 -0.19
Yes Bank 68.70 -0.07
Top Gainers
Company Price Change %Gain
Bharti Infratel 227.15 8.87
Bharti Airtel 393.05 8.43
SBI 321.90 5.20
Grasim 755.15 2.89
Cipla 463.25 2.63
Company Price Change %Gain
Bharti Airtel 393.20 8.42
SBI 322.00 5.19
Kotak Mahindra 1,623.00 1.60
Sun Pharma 414.90 1.18
Tata Motors 168.60 0.96
Top Losers
Company Price Change %Gain
IOC 131.70 -3.76
Hero Motocorp 2,543.20 -1.87
BPCL 506.55 -1.57
Maruti Suzuki 7,147.20 -1.38
Vedanta 142.10 -1.32
Company Price Change %Gain
Hero Motocorp 2,542.85 -1.85
Maruti Suzuki 7,147.00 -1.38
ITC 250.65 -1.30
Vedanta 142.10 -1.29
NTPC 117.20 -1.14

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results