{"id":468637,"date":"2022-02-16T16:02:44","date_gmt":"2022-02-16T10:32:44","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=468637"},"modified":"2022-02-16T16:02:44","modified_gmt":"2022-02-16T10:32:44","slug":"punjab-sind-bank-declares-ilfs-tamil-nadu-power-as-fraud-account","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/punjab-sind-bank-declares-ilfs-tamil-nadu-power-as-fraud-account\/","title":{"rendered":"Punjab &amp; Sind Bank declares IL&amp;FS Tamil Nadu Power as fraud account"},"content":{"rendered":"<p>Public sector Punjab &amp; Sind Bank (PSB) on Tuesday said it has declared bad asset IL&amp;FS Tamil Nadu Power Company, with dues of over Rs 148 crore, as a fraud account and reported it to the Reserve Bank. As per the bank&#8217;s policy on determination and disclosures on material events, PSB said it has declared this non-performing account (NPA) as a fraud account.<\/p>\n<p>&#8220;It is informed that an NPA account, viz IL&amp;FS Tamil Nadu Power Company Ltd with outstanding dues of Rs 148.86 crore has been declared as fraud and reported to RBI today as per regulatory requirement,&#8221; the lender said in a regulatory filing.<\/p>\n<p>The bank said it has already made provisions amounting to Rs 59.54 crore, as per the prescribed prudential norms.<\/p>\n<p>The company was set up as a special purpose vehicle (SPV) by the debt-laden Infrastructure Leasing &amp; Financial Services Ltd (IL&amp;FS) under its energy platform IEDCL for implementation of thermal power projects at Cuddalore in Tamil Nadu.<\/p>\n<p>Stock of PSB closed at Rs 15.95 apiece on BSE, up 1.92 per cent from the previous close.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Public sector Punjab &amp; Sind Bank (PSB) on Tuesday said it has declared bad asset IL&amp;FS Tamil Nadu Power Company, with dues of over Rs 148 crore, as a fraud account and reported it to the Reserve Bank. As per the bank&#8217;s policy on determination and disclosures on material events, PSB said it has declared this non-performing account (NPA) as a fraud account. &#8220;It is informed that an NPA account, viz IL&amp;FS Tamil Nadu Power Company Ltd with outstanding dues of Rs 148.86 crore has been declared as fraud and reported to RBI today as per regulatory requirement,&#8221; the lender [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-468637","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/468637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=468637"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/468637\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=468637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=468637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=468637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}