India News
Search Web Directory
News Home
SBI Caps under CBI scanner for Sandesara Group loans
Posted on 9th July 2019
SBI Caps, one of the top investment banks in the country, is under the radar of Central Bureau of Investigation for its role in arranging loans for oil business of Sandesara Group. CBI's Banking and Securities Fraud Cell may call SBI Caps team for inquiry, sources said.

SBI Caps was a debt syndication agency for loans to Sandesara Group's subsidiary Sterling Oil Resources. Under the loan syndication assignment, SBI Caps prepared an information memorandum and shared a plan with banks on how the loan will be repaid from the earnings of the oil business. As per CBI's FIR filed in October 2017, banks under a consortium led by Andhra Bank had lent Rs 1,375 crore to Sterling Oil Resources.

CBI is mainly looking on two major aspects, on what basis SBI Caps made a lucrative offer to banks and what due diligence was done before preparing the report as the oil well on which banks had sanctioned loan was already mortgaged to Zenith International Bank of Nigeria. SBI Caps, in its report, had projected good cash flows from the oil, and banks relied on it and sanctioned the loan for the same. "It seems the loan was taken from domestic banks to repay the loan of Zenith International Bank," a source said.

In the last week of June, CBI had conducted searches at various bank branches and offices related to loans of Sandesara Group. CBI had also questioned several bank staffers besides scanning the loan documents to understand the basis on which loans were sanctioned for the oil business of Sandesara Group. According to another source aware of the development, "Bank staff in their statement to CBI blamed SBI Caps report for portraying a rosy cash flow picture from the Nigerian oil business of the Sandesara Group."

Enforcement Directorate (ED) is also investigating the Sandesara Group and promoters of the family for siphoning off funds borrowed from domestic banks. As per ED, 249 domestic and 96 overseas companies were used to siphon off the funds received as loans from banks. Andhra Bank was the lead banker and UCO Bank, SBI, Bank of India and Allahabad have significant exposure to the group. The bank exposure to Sterling Biotech is more than Rs 8,100 crore while total exposure to the Sandesara group stands at Rs 15,000 crore.

Recently, ED had frozen the assets of the Sandesara Group in Nigeria including four oil rigs, one oil field, oil installations, ships and aircraft worth Rs 9,700 crore. ED had already attached Rs 4,700 crore of assets of the group in 2018.

Related Companies: State Bank of India   

Other Latest News
Turbo Aviation to launch low-cost airline, fly on Udan routes by mid-2020
Posted on 16th December 2019

Hyderabad-based Turbo Aviation has announced its plans to launch a new low-cost airline 'TrueStar' by mid 2020.

The company has signed a partnership deal with a UK business group for a $100-million funding support to speed up the launch process, according to Turbo Aviation's managing director V Umesh. Turbo Aviation has already been operating the commercial airliner 'True Jet' since 2015.

Supreme Court to hear petitions challenging Citizenship Amendment Act on December 18
Posted on 16th December 2019

The Supreme Court on Monday agreed to hear petitions challenging the constitutional validity of the recently passed Citizenship (Amendment) Act, in wake of the intensifying protests that have rocked the country. The hearing will take place on December 18.

According to reports, senior advocate Abhishek Manu Singhvi listed the matter at the top court before Chief Justice of India (CJI) Sharad Arvind Bobde. As many as a dozen petitions challenging the Act have been submitted before the Court. The first petition was submitted by the Indian Union Muslim League.

Navin Fluorine gains for third straight day; stock hits fresh all-time high
Posted on 16th December 2019

Shares of Navin Fluorine International were trading higher for the third straight day, up 2 per cent at Rs 960 in intra-day trade on Monday after the company announced a capex plan of Rs 450 crore at Dahej through a wholly-owned subsidiary, which is to be incorporated.

The stock has rallied 8 per cent in the past three trading days, as compared to 1.5 per cent rise in the benchmark S&P BSE Sensex. In the past two months, it rallied 32 per cent against 6 per cent gain in the benchmark index.

WPI inflation rises to 0.58% in Nov on hike in prices of vegetables, pulses
Posted on 16th December 2019

Wholesale prices based inflation rose to 0.58 per cent in November, as against 0.16 per cent in October due to increase in prices of food articles.

The annual inflation, based on monthly wholesale price index (WPI), was at 4.47 per cent during the same month a year ago (November 2018).

SBI, PNB, Axis, HDFC Bank, ICICI or any other bank’s customer? Check new NEFT timings
Posted on 16th December 2019

NEFT Timings: Customers of SBI, HDFC Bank, Axis Bank, Punjab National Bank, ICICI Bank or any other commercial lender can do National Electronic Funds Transfer (NEFT) transactions 24×7 from today. The facility will now be available on any day of the week or month, including holidays. The Reserve Bank of India (RBI) has allowed this facility to be available at all times throughout the year.

For smooth settlement of NEFT transactions, the RBI has decided to provide additional collateralised intra-day liquidity facility.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for SBI Caps under CBI scanner for Sandesara Group loans
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Security Code*

Be the first person to write a business review for SBI Caps under CBI scanner for Sandesara Group loans

Most Read News

Yes Bank objects to Blackstone's buyout of Coffee Day's tech park

Now, Indian Railways passengers can book tickets for Kashi Vishwanath Temple at Varanasi station

Delhi HC refuses urgent hearing of plea against police action on students

Andhra govt passes 'Disha Bill' to provide speedy trials, stricter punishment for sexual offences

Citizenship Amendment Bill: A new lease of life for the two-nation theory

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
About us
Link to us
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019
    All Rights Reserved
Privacy Statement