March 12, 2018 / 8:46 AM / 5 months ago

BRIEF-Vijaya Bank Says Has Filed Joint Suit With Canara Bank Against Abhijeet Group

March 12 (Reuters) - Vijaya Bank:

* CLARIFIES ON NEWS ITEM ON ‍ED ATTACHING 380.7 MILLION RUPEES IN BANK FRAUD CASE AGAINST ABHIJEET GROU​P

* APART FROM ABHIJEET PROJECTS, CO HAS EXPOSURE TO ABHIJEET GROUP COMPANIES AND ALL ARE CLASSIFIED AS NPA IN THE BANK ‍​

* BANK HAD SANCTIONED LOAN TO ABHIJEET PROJECTS UNDER CONSORTIUM WITH CANARA BANK

* ABHIJEET GROUP FAILED TO PAY DUES AS PER TERMS AND THEREFORE COMPANY’S ACCOUNT HAS BEEN CLASSIFIED AS NPA ON 31 DECEMBER 2013

* BANK ALONG WITH CANARA BANK HAS FILED JOINT SUIT AGAINST ABHIJEET GROUP BEFORE DEBT RECOVERY TRIBUNAL Source text: bit.ly/2Ft1UH2 Further company coverage:

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