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Allahabad Bank has outstanding exposure of Rs 516.79 cr in Rotomac group

The bank said the accounts of Rotomac Global and Rotomac Exports have been filed in National Company Law Tribunal (NCLT) and was admitted on September 20, 2017.

Reported by: IANS, Kolkata [ Published on: February 22, 2018 11:02 IST ]
Allahabad Bank has outstanding exposure of Rs 516.79 cr in
Allahabad Bank has outstanding exposure of Rs 516.79 cr in Rotomac group

State-run Allahabad Bank on Wednesday said it has an exposure of Rs 516.79 crore to debt-laden Rotomac group as on January end and the lender has the required provision for the same as per RBI norms.

According to a regulatory filing, the bank said it has an outstanding of Rs 43.09 crore to Rotomac Exim Pvt Ltd as a sole banker, Rs 314.56 crore to Rotomac Global as multiple banking lending and Rs 159.14 crore to Rotomac Exports as a consortium arrangement with Bank of India as a lead banker.

These three accounts constitute Rs 516.79 crore of outstanding exposure as on January 31, 2018.

"The aforesaid accounts of Rotomac group classified as non-performing assets as per IRAC norms of RBI and the required provision has been made," it said in the filing.

The bank said the accounts of Rotomac Global and Rotomac Exports have been filed in National Company Law Tribunal (NCLT) and was admitted on September 20, 2017.

Complaints have already been lodged with the CBI, ED and Directorate of Revenue Intelligence against the group.

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