IL&FS Engineering and Construction Company Limited (IL&FS Engineering) has received a show cause notice from Indian Overseas Bank, citing alleged discrepancies in the company’s accounts. The notice is reportedly in connection with a loan facility of ₹1,600 crore (approximately $220 million) provided to the company.
According to reports, Indian Overseas Bank has alleged that IL&FS Engineering failed to comply with the loan agreement, leading to a substantial shortfall in the company’s performance. The bank has demanded a detailed explanation from the company on the utilization of the loan proceeds and has asked for a list of completed and ongoing projects funded by the loan.
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