ICICI Bank today informed stock exchanges that the account of Oriental Trimex which failed to repay Rs 6.88 crore loan...
ICICI Bank today informed stock exchanges that the account of Oriental Trimex which failed to repay Rs 6.88 crore loan was classified as an NPA in 2012.
It added that the recovery process has been initiated ever since, a disclosure that was surprisingly made after a gap of more than three years.
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Oriental Trimex had taken a financial assistance of Rs 68.8 million from ICICI Bank, the latter said in a regulatory filing today.
“We would like to update you that due to default in repayment… the account of the company with ICICI Bank has been classified as a non-performing asset (NPA) on December 31, 2012 in accordance with the directives/guidelines relating to asset classification issued by the Reserve Bank from time to time,” it said.
Requesting the exchanges to update the information for the public at large, ICICI Bank said it is crucial for all existing and future investors to be apprised of this.
For recovery of outstanding dues, ICICI Bank filed a recovery suit before the Debt Recovery Tribunal (DRT) in August 2013 against the company and the guarantors — Rajesh Punia and Savita Punia.
Besides, ICICI Bank filed a winding-up petition before the Delhi High Court in March 2014.
The Delhi-based Oriental Trimex is an importer of premium quality natural marble from Italy, Spain, Greece, Portugal, Turkey, Egypt, Iran, Indonesia, Sri Lanka and several other countries.
It has asked the exchanges to update the information for public at large.
Naming the loan defaulter assumes significance at a time when the banking sector, especially PSUs, are battling rising bad loans. Banks in India have stressed assets of about Rs 8 lakh crore, Minister of State for Finance Jayant Sinha had said earlier.
ICICI Bank’s net profit slipped by 13 per cent to Rs 9,726.29 crore in 2015-16 due to bad loan provisioning.
For the year, the net non-performing assets (NPAs) grew to 2.98 per cent of net advances as against 1.61 per cent in the year-ago period.
ICICI Bank stock closed 1.18 per cent lower at Rs 254.55 and Oriental Trimex ended 4.98 per cent down at Rs 10.69 on BSE.