Loan and guarantee were governed by English laws and were subject to jurisdiction of English courts.
IDBI Bank has secured a $ 239 million judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group, believed to be one of the largest debt judgments obtained by an Indian bank in the English courts. Mumbai-headquartered IDBI had entered into loans totalling $ 148 million with two Singapore registered companies Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd for the construction of two jack up drilling rigs in March 2013.
IDH International Drilling Holdco Ltd (IDH), the Cypriot-registered parent company of the borrowers, gave a corporate guarantee in respect of the loan. The loan and guarantee were governed by English laws and were therefore subject to the jurisdiction of the English courts.
IDBI Bank expects loan book to grow by 10% in FY22
SECTIONS
Last Updated: May 04, 2021, 06:14 PM IST
Share
Synopsis I am expecting an overall growth of 10%. Our liquidity and capital position is quite comfortable, says IDBI Bank s MD and CEO Rakesh Sharma on loan book growth for FY22.
ETMarkets.com
Related
NSE
Amid the second wave of Covid-19, Rakesh Sharma, MD & CEO,
IDBI Bank, doesn t expect any major reverse surprises. In an interview with ET Now, Sharma also explains why he is confident of sustaining profits. Edited excerpts:
It was a memorable quarter and a year for you as your bank is back in the black for FY21 and you have exited the PCA framework as well. So what is the outlook now? Can we expect this trajectory to continue?
IDBI Bank was placed under PCA framework in May 2017.
Share of state-run lender IDBI Bank rose as much as 17 per cent to hit an intraday high of Rs 44.80 on the BSE after the bank informed exchanges that it has exited the Reserve Bank of India s prompt corrective action (PCA) framework. The performance of IDBI Bank Limited, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision (BFS) in its meeting held on February 18, 2021. It was noted that as per published results for the quarter ending December 31, 2020 the bank is not in breach of the PCA parameters on regulatory capital, Net NPA and Leverage ratio, Reserve Bank of India said in a press release.
Why IDBI Bank share rose 17% in early trade
IDBI Bank share price opened 17.36 per cent higher at Rs 44.80 against previous close price of Rs 38.25 on strong volume after RBI removed the lender from the prompt corrective action framework
BusinessToday.In | March 12, 2021 | Updated 10:23 IST
IDBI Bank shares opens 17.36% higher at Rs 44.80
Share of IDBI Bank opened 17 per cent higher at Rs 44.80 on the Bombay Stock Exchange after Reserve Bank of India (RBI) removed the lender from the prompt corrective action framework, subject to certain conditions and continuous monitoring. The stock of IDBI Bank has rallied 54 per cent in last one month and 156 per cent from its 52-week low of Rs 17.5, touched on March 13, 2020.
Stocks In The News Today: Reliance Industries stocks to be in focus today
Domestic share markets started Friday s session on a positive note with the benchmark indices scaling all-time peaks, after the NSE Nifty 50 index finished 2020 with a return of 15 per cent. The S&P BSE Sensex index rose 195.33 points, or 0.41 per cent, to 47,946.66 in the morning deals, and the broader NSE Nifty 50 gauge added 52.10 points (0.37 per cent) to touch 14,033.85, both being record highs. Gains across most sectors supported the markets, led by financial, IT, and automobile shares. On the last trading session of 2020, the S&P BSE Sensex and NSE Nifty 50 indices ended on a flat note. During the session, the Nifty touched a record high of 14,024.85 and the Sensex touched an all-time high of 47,896.97.