Opto Circuit denies DBS Bank claim

Our Bureau Mumbai | Updated on November 05, 2019

Opto Circuits, a medical technology company, has denied the allegations made by DBS Bank on recovery of money from it and termed this ‘as baseless’.

The Singapore-based multinational bank DBS on Monday registered a complaint against Opto Circuits alleging the latter defaulted on a Rs 178-crore loan and also falsified information in its audit.

DBS Bank alleged that the firm, which is an export-oriented company, provided wrong information to the Securities and Exchange Board of India, income tax department and other regulatory bodies in India.

In response, Opto Circuits in a statement on Tuesday said that the Debts Recovery Tribunal (DRT) order in February had confirmed that the DBS Bank was hiding facts and suppressing the information with regard tothe total amount it had received by selling all its subsidiaries -- Cardiac Science Corporation, Criticare Systems Inc and buildings mortgaged by MCH Realty LLC.

According to the Debts Recovery Tribunal’s order there are receivables from DBS Bank to be paid to Opto Circuits, through the sale of the assets. DBS Bank has to transfer these receivables to certificate holder State Bank of India which was part of the lender consortium.

Incidentally, DBS Bank had made an appeal against the DRT order and the hearing is due later this month.

Published on November 05, 2019

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