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simbhaoli sugars: Allahabad HC directs CBI to probe loans to Simbhaoli Sugars

Uttar Pradesh-based Simbhaoli Sugars has been directed by the Allahabad High Court to investigate whether loans were sanctioned in contravention of Reserve Bank of India (RBI) guidelines and if there was a case of money laundering. The court order came in response to a writ petition by the company seeking to squash insolvency proceedings initiated against it by the State Bank of India (SBI). ....

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Allahabad High Court orders CBI probe against officers of seven banks for sanctioning loans to defaulting company

The Court also found that company had not paid sugarcane dues to the farmers, with ₹279 crores outstanding for the last crushing season. It slammed the Cane Commissioner for not taking any action. ....

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