Maruti Udyog Ltd - Latest News Update, Information, Photos & Videos on Maruti Udyog Ltd at Lokmat Times

The Central Bureau of Investigation (CBI) has named Khattar and his company, Carnation Auto India Ltd, for allegedly causing a loss of Rs 110 crore to state-run Punjab National Bank (PNB).Khattar and his firm have been named along with other unidentified persons in the recent FIR filed by the agency in the case on a complaint by the bank. Khattar was with Maruti Udyog Ltd from 1993 to 2007 and was the company's Managing Director before retirement. After almost a gap of around two years after hus retirement, Khasttar launched Carnation for which he got a loan of Rs 170 crore sanctioned in 2009. As per the CBI's FIR, the loan taken by Khattar was declared a non-performing asset in 2015, with effect from 2012.According to the FIR, a forensic audit, conducted by the bank through K.G. Somani and Company, reported that the accused borrower had dishonestly and fraudulently sold fixed assets costing Rs 6,692.48 lakh for a consideration amount of Rs 455.9 lakhs without approval of the bank. These assets had been furnished as security to the bank, but after the sale, the accused borrower did not deposit sale proceeds with the bank."It was also found that the accused borrower had dishonestly and fraudulently extended loans and advances to its sister concern/subsidiaries also. Thereby it has committed misappropriation of bank funds and has put them for own use," said the FIR.The CBI will also probe the role of bank officials who played a crucial role in this conspiracy."The bank in its complaint on October 17, 2019, has mentioned the names of the five accused persons out of which three companies are guarantors, namely Khattar Auto India, Carnation Realty and Carnation Insurance Broking Company. However, during verification no role of guarantors in committing the fraud with the bank came to light as such they are not named in the FIR," added the FIR.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Mega Block

Maharashtra Lok Sabha Election

T20 World Cup 2024

Maruti Udyog Ltd, NewsFOLLOW

Maruti udyog ltd, Latest News

Aurangabad :Shagun Surana to embrace sanyas

Chhatrapati Sambhajinagar: Shagun Surana, granddaughter of renowned trader Gautam Chand Surana, will embrace Sanyas at the age of 17. ... ...

Business :Ex-Maruti MD Khattar booked for Rs 110 cr bank loan fraud

The CBI on Tuesday said it has registered a case against former Maruti Udyog Managing Director Jagdish Khattar in connection with an alleged bank loan fraud of Rs 110 crore by his new company. ...

Business :CBI books ex-Maruti MD Jagdish Khattar for bank loan fraud

The CBI on Tuesday said it has registered a case against Maruti Udyog's former Managing Director Jagdish Khattar in connection with an alleged bank loan fraud of Rs 110 crore by his new company. ...