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Cabinet approves strategic disinvestment of IDBI Bank
The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd.
The extent of respective shareholding to be divested by the GoI and LIC, shall be decided at the time of structuring of transaction in consultation with the RBI, said an official statement.
The Government of India (GoI) and the LIC together own more than 94 per cent of equity of IDBI Bank, with the Centre holding 45.4 per cent and the LIC owning 49.24 per cent stake. LIC is currently the promoter of IDBI Bank with management control and the Centre is the co-promoter.
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CBI, bank fraud, SBI, Bank of Baroda, Bank of India, Dena Bank, IDBI Bank
The Central Bureau of Investigation (CBI) has registered two separate cases related to bank fraud and conducted searches at 8 locations in Delhi, Ahmedabad, Gandhinagar and Gurgaon.
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The first case was registered against a private company based at Ahmedabad and others including its Directors and unknown public servants/persons on a complaint from State Bank of India. It was alleged that the said company was in business of construction, erection and commissioning of power transmission and telecom towers since 2004.
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State Bank of India, Ahmedabad Branch (including E- State Bank of Patiala) had sanctioned various credit facilities to said company represented by its Managing Director, Directors/ Promoters along with SBI (lead Bank), other banks including Bank of Baroda, Bank of India, Dena Bank and IDBI Bank had sanctioned credit facilities to the company under consortium banking