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New Delhi: Public sector Punjab & Sind Bank on Friday said it has declared NPA account Maha Associated Hotels, with outstanding dues of Rs 71.18 crore, as fraud and reported the matter to the RBI. Further, the lender said it is in the process of filing complaint/FIR with Central Bureau of Investigation (CBI).
Pursuant to the applicable provisions of Sebi regulations and the materiality policy of the bank, “it is informed that an NPA account Maha Associated Hotels Pvt Ltd with outstanding dues of Rs 71.18 crore having provisioning of Rs 44.40 crore has been declared as fraud and reported to RBI as per regulatory requirement”, the bank said in an exchange filing.
Earlier in April this year, the lender had declared the non-performing account of Golden Jubilee Hotels, involving an outstanding amount of over Rs 86 crore, as fraud.
Stock of Punjab & Sind Bank was trading at Rs 13.95 apiece on the BSE, down 0.71 per cent from the previous close.
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