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Union Bank of India (UBI) on Wednesday said the IL & FS Tamilnadu Power Company account with the Bank has been classified as fraud due to diversion of funds by the Company.
The amount outstanding in the account is ₹1,314.85 crore and provision already held is ₹525.95 crore, the public sector bank said in an exchange filing.
The Bank will initiate the appropriate legal proceedings in this regard in due course of time, it added.
On March 15th, Punjab National Bank (PNB) had reported borrowal fraud of ₹2,060.14 crore in the non-performing asset (NPA) account of IL&FS Tamil Nadu Power Company . at the Extra Large Corporate Branch at Delhi.
PNB, in an exchange filing, then said it has already made provisions amounting to ₹824.06 crore, as per prescribed prudential norms.
On February 15th, Punjab & Sind Bank (P&SB) said the NPA Account of IL & FS Tamil Nadu Power Company ., with outstanding dues of ₹148.86 crore has been declared as fraud and reported to RBI as per regulatory requirement.
P&SB said it has already made provisions amounting to ₹59.54 crore, as per prescribed prudential norms.
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