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Central Bureau of Investigation
HYDERABAD: City-based Coastal Projects Limited (CPL), which is facing a CBI probe for Rs 4,736-crore loan fraud, is now embroiled in another controversy over its Cyprus deals.
In an FIR, the CBI alleged that as per a forensic audit, CPL had invested Rs 40 crore in Coastal Transnational Ventures Limited (CTVL), a wholly-owned subsidiary firm, in Cyrpus.
CPL had given a corporate guarantee of $15.6 million in favour of Exim Bank for the loans availed by CTVL for acquisition of shares in another Cyprus-based company. Bank guarantee was invoked and CPL had to pay Rs 102 crore (equivalent of $15.6 million) at the time of conversion. However, the amount receivable for CPL was converted into CTVL shares, the CBI alleged.
Hyderabad
Andhra-pradesh
India
Cyprus
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Coastal-projects-limited
Equipment-finance-ltd
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Synopsis
Adequate finance schemes have long been a key challenge for the CV industry and the impact of COVID-19 has made it even more difficult to secure loans. The partnerships will deliver greater financing flexibility and convenience, the company said in a statement.
Reuters
DICV s move to sign MoUs with banks across the country is in line with BharatBenz s customer-centric approach and commitment to providing a hassle-free buying experience. New and existing customers will enjoy seamless support from these banks and NBFCs, the company said.
New Delhi: Daimler India Commercial Vehicles (DICV) on Tuesday said it has partnered with 18 leading banks and NBFCs to offer customers financing options for its vehicles. The company said it has signed Memoranda of Understanding (MoUs) with banks and NBFCs (Non-Banking Financial Companies), including ICICI Bank, State Bank of India, Bank of Baroda, Axis Bank, IndusInd Bank, Sundaram Finance,
Baroda
Gujarat
India
Karnataka
New-delhi
Delhi
Satyakam-arya
Banking-financial-companies
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Karnataka-bank
Equipment-finance-ltd
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