Category: Allahabad Bank

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The National Company Law Tribunal (NCLT) approved a resolution plan for Lanco Solar Energy submitted by the consortium of Jitender Vir Singh (JVS) and Derit Infrastructure, almost four years after the company was ordered to undergo the corporate insolvency resolution process (CIRP).
Lanco Solar’s lenders earlier approved the resolution plan submitted by the JVS-Derit Infra consortium with a 95.62 percent vote share. The consortium has acquired and turned around 30 megawatts of stressed solar energy projects and…
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Source: https://www.moneycontrol.com/news/business/nclt-awards-lanco-solar-energy-to-jvs-derit-infra-consortium-10652131.html/amp

Director Teja in a exclusive YouTube interview made some sensational comments on AP people. He said that “I have few questions for Andhra Pradesh citizens! Do they have self respect? They aren’t not responding to any issue that’s happening in state, Aren’t they shameful?Best example – when Andhra Bank is removed, no one questioned, which literally shocked me! On the other hand, Telangana is good and it’ll reach greater heights in future as well,said the senior director. When asked if he interesting in politics, without any hesitation the director replied politics won’t work out for him as people their should say ninty percent lies.On the work front, Teja is ready with a film titled,…
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Source: https://www.indiaglitz.com/director-teja-sensational-comments-on-andhra-pradesh-telugu-news-337497

The Central Bureau of Investigation (CBI) has initiated a case against M/s GTL Infrastructure Ltd (M/s GTIL) and unknown public servants in an alleged loan fraud case exceeding Rs 4,000 crore. The CBI launched a Primary Enquiry based on information about financial irregularities and misconduct concerning credit facilities obtained by M/s GTIL from a consortium of 19 banks and financial institutions.
Illegal activities by GTIL”The investigation revealed that the company, promoted by Manoj Tirodkar, is engaged in constructing, operating, and maintaining passive telecom infrastructure sites capable of accommodating multiple service providers,” stated a CBI official….
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Source: https://www.freepressjournal.in/amp/mumbai/cbi-books-bank-officials-gtil-in-4000-cr-loan-fraud-case

Pre-deposit of 50% under section 18 of the Enforcement of Security Interest Act,2 (SARFAESI) is mandatory and cannot be waived in cases where the borrower challenges the action sale with respect to secured assets.
In the recent case of M/s Sidha Neelkanth Paper Industries Private Ltd and Anor v Prudent ARC Ltd and Ors, the Supreme Court held that where a borrower does not accept the holding of an auction, and challenges it, and steps are taken under sections 13(2) and 13(4) of the SARFAESI in connection with secured assets, the borrower must deposit 50% of the amount claimed by the secured creditor with interest.
The appellants and principal borrower, M/s Sidha…
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Source: https://law.asia/pre-deposit-sarfaesi/

Ten Public Sector Undertaking (PSU) banks will be amalgamated into four banks from today, 1 April. In the biggest consolidation exercise in the banking space, the government in August 2019 had announced the merger of 10 public sector lenders into four bigger and stronger banks. With this, the number of public sector banks in India will come down to 12 from 27 in 2017. It was widely speculated that the government may defer the consolidation exercise for some time due to the novel coronavirus pandemic that has impacted our economy.

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Source: https://www.livemint.com/industry/banking/merger-of-10-public-sector-banks-to-come-into-effect-from-today-10-points/amp-11585632469446.html

Hyderabad: Andhra Bank, which was founded in 1923 in Machilipatnam in Andhra Pradesh, has slipped into history when it was merged with Union Bank of India on Wednesday. Founded by Bhogaraju Pattabhi Sitaramayya, the bank expanded its operations to over 25 states and three union territories since its inception. It now has been merged with Union Bank of India as part of the central government’s plan to consolidate public sector banks. On Wednesday, Union Bank of India said it has become the country’s fifth largest public sector lender after amalgamating Andhra Bank and Corporation Bank into itself. The merger, effective from Wednesday, will harness rich individual legacies and forge a…
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Source: https://www.thehansindia.com/amp/business/andhra-bank-slips-into-history-615178

New Delhi: Union Bank on Wednesday said it has become the country’s fifth-largest public sector lender after amalgamating Andhra Bank and Corporation Bank into itself.The merger, effective from Wednesday, will harness rich individual legacies and forge a dynamic shared future, it said in a release.”As of today, all employees, customers and branches of Andhra Bank and Corporation Bank will become part of the Union Bank of India family,” it added. The amalgamation will also strengthen the bank”s footprint in southern India with a considerable market share in this region, the Mumbai-headquartered lender said.The amalgamation is also expected to generate cost and revenue synergies to the…
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Source: https://www.firstpost.com/business/union-bank-becomes-5th-largest-psb-post-merger-with-andhra-bank-corporation-bank-8219281.html/amp