Two BJP MPs have levelled allegations of malpractices against the professional in-charge of the insolvency resolution process of Topworth Steels and Power, an ailing company promoted by Abhay Lodha and Surendra Lodha. Documents with NewsClick suggest that after the resolution professional discovered fraudulent transactions in the company, his dismissal was sought by the two MPs. An exclusive investigation.
The decision of the central bank and banking regulator to increase the group exposure limit that banks have in calculating the quantum of loans given to a particular corporate conglomerate as a proportion of the total loans given by the specific bank, will benefit India’s biggest private company, Reliance Industries Limited. This is the fifth article in a series.
Total NPAs reached a whopping Rs 9.5 lakh crore by end March 2018. India’s banking sector, the foundation of our modern economy, is in crisis. A spate of scams has dragged the credibility of India’s biggest private and public sector banks through the mud. Even more dangerous is a Debt Bomb of bad loans that has grown almost 17 times bigger in the past 10 years.
