One more Indian textile giant Sintex Industries Ltd. is now embroiled in a ‘fraud’ case as India’s leading bank Punjab National Bank (PNB) declared its Rs. 1,203.26 crore exposure to Sintex Industries Ltd. as fraud.
As per the bank, it has reported this fraud of Rs. 1,203.26 crore to RBI in the accounts of the Sintex Industries Ltd. The bank has already made provisions amounting to Rs. 215.21 crore, as per prescribed prudential norms.
Sintex Industries Ltd., according to its website, has been demerged into two companies and so while textiles and yarn business remains under the same name, plastic, prefab and infrastructure business is under Sintex Plastics Technology Ltd.
Pursuant to the applicable provisions of Sebi’s Listing Obligations and Disclosure Requirements (LODR) and the bank’s policy, “we inform reporting of borrowal fraud of Rs. 1,203.26 crore in non-performing asset account of Sintex Industries Ltd.,” PNB said in a regulatory filing.
Apparel Resources approached Sintex Industries Ltd. in this regard, but could not get any response. As and when company responds, we will update the same here.