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Several efforts made to revive ABG Shipyard operations were not fruitful: SBI
Updated On: 13 February, 2022 08:36 PM IST | New Delhi | ANI
A fraud is declared basis the Forensic Audit report findings that is discussed thoroughly in joint lenders meetings. Typically when fraud is declared, an initial complaint is preferred with CBI and based on their inquiries further information is gathered
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Representative image. File Photo.
After the Central Bureau of Investigation (CBI) registered an FIR against ABG Shipyard and its directors for allegedly duping 28 banks of Rs 22,842 crore, the State Bank of India on Sunday said that the several efforts were made to revive the company operations could not succeed.
"ABG Shipyard was incorporated on 15 March 1985, has been banking arrangements since 2001. Financed under Consortium arrangement over a two dozen lenders. The leader in Consortium was ICICI Bank. Due to poor performance, the account became NPA on November 30, 2013. Several efforts were made to revive the company operations but could not succeed," said the statement issued by the SBI.
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