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Thursday
February 2019
11:11 AM IST
News Headlines
Saudi Arabia increases India''s Haj quota to 2 lakh after Modi-Salman talks        SC collegium transfers high court judges        Security of 18 separatists, 155 political leaders withdrawn        Crown Prince orders release of 850 Indian prisoners from Saudi jails        Putin says Russia to take measures if US deploys missiles        Jadhav''s death sentence based on ''extracted confession'', should be annulled: India tells ICJ        Israel strikes on Gaza arson balloons launchers, no injuries reported        Taylor surpasses Fleming becomes highest ODI scorer for NZ        ICC keeping a close watch on India-Pakistan situation ahead of WC        Vivo unveils V15Pro with Industry-first 32 MP pop-up selfie camera        Tripura gets Rs 85 crore Mega Food Park        India, Saudi Arabia ink MoUs for cooperation in tourism, broadcasting        Bernie Sanders enters 2020 US presidential race : Reports        Sixteen states sue Trump over border wall emergency        Djokovic wins his fourth Laureus World Sportsman of the Year        Pakistan shooters not taking part in New Delhi World Cup        Pulwama attack masterminded by Jaish, ISI: corps commander        Cricketer-turned-politician Kirti Azad joins Congress, calls it ''ghar wapsi''        Salve exposes Pak military courts at ICJ, says judges don''t even need law degree        RBI pays Rs 28,000 cr interim dividend to govt ahead of elections        
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Business News
SBI, Oriental Bank put on sale stressed accounts to recover dues of Rs 5,740 cr
 
(New Delhi, Feb11, 2019): State-owned State Bank of India (SBI) and Oriental Bank of Commerce (OBC) have put on sale various financial accounts to recover dues of around Rs 5,740 crore.

The country's largest lender SBI has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs) to recover an outstanding of Rs 4,975 crore.

The bulk of accounts up for sale by SBI are of small and medium enterprises (SMEs) that have dues amounting to Rs 4,667 crore.

OBC wants to sell 13 accounts with a collective outstanding of Rs 764.44 crore, according to the bid document placed on its website.

As many as 281 SME accounts are up for sale by SBI, belonging to those firms that have dues of up to Rs 50 crore. The collective dues on these SMEs are Rs 4,666.50 crore.

"In terms of the bank's policy on sale of financial assets, in line with the regulatory guidelines, we place these accounts for sale to banks/ARCs/NBFCs/FIs," SBI said in an auction notice.

Also, SBI will sell three accounts -- Dennis Steels Pvt Ltd with outstanding of Rs 258.73 crore, Shiva Speciality Yarns (Rs 37.90 crore) and Bansidhar Spinning & Weaving Mills Ltd (Rs 11.73 crore).

Inviting expression of interest from ARCs and FIs, Oriental Bank of Commerce said it proposes to sell its stressed financial assets comprising 13 accounts with principal balance of Rs 764.44 crore.

Among the major loan accounts invited for sale by OBC include Mittal Corp Ltd (Rs 207.17 crore), Jayaswal Neco Industries Ltd (Rs 157.03 crore), NCS Sugars Ltd (Rs 106.60 crore), Mahalaxmi TMT Pvt Ltd (Rs 77.61 crore), Kohinoor Steel (Rs 45.06 crore), Sova Ispat Alloys (Rs 37.99 crore), Atlantic Projects (Rs 33.36 crore) and Sova Ispat Alloys (Mega Projects) Ltd (Rs 31.28 crore).

E-bidding for SBI accounts will take place on February 27. For OBC, the e-bidding is scheduled for February 25


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