Read more about Indian Bank declares Saravan Stores (Gold Palace) account as fraud on Business Standard. The bank held provision of Rs 115 crore against the account.
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Saravana Stores declared a ‘fraud’ account by Indian Bank
May 05, 2021
Bank makes provision of Rs 115 crore against the account
Indian Bank has declared Saravana Stores (Gold Palace), a non-performing asset account with outstanding dues of ₹230.74 crore, as “fraud” and reported it to the Reserve Bank of India, the bank informed the stock exchanges.
The Chennai-headquartered Indian Bank has already made a provision of ₹115.32 crore against the account.
In March, Indian Bank had issued a sale notice of two immovable properties belonging to Saravana Stores (Gold Palace) in T Nagar, a commercial hub of Chennai, to recover dues of ₹288 crore from its partners, guarantors and title holders.
Public sector lender Indian Bank has put on sale two immovable properties of Saravana Stores (Gold Palace) at T Nagar in Chennai. The bank has issued a notice of sale to recover Rs 288 crore from the jewellery represented by its partners, guarantors and title holders. While the property located on Usman Road measures 4,800 sq ft and has a reserve price of Rs 124 crore, the second property located on Ranganathan Street has a reserve price of Rs 46 crore. Both are located in T Nagar, one of the country s leading commercial hubs. In January 2020, Karur Vysya Bank said that the outstanding stood at Rs 162.8 crore.