🍒 PNB puts 3 stressed accounts up for sale : State-run Punjab National Bank (PNB) has put up for sale three stressed accounts, including Birsa Institute of Technology (Trust), with total outstanding dues of nearly Rs 34.50 crore. "We intend to place three accounts for sale to ARCs/NBFCs/other banks/FIs etc, on the terms and conditions stipulated in the bank's policy, in line with the regulatory guidelines," PNB said in an auction notice. The three accounts are Mangalam Oil Industries with outstanding dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Technology (Trust) (Rs 5.41 crore). Mangalam Oil Industries and Alliance Fibres are based out of Ahmedabad and the third one is based in Raipur. The sale process is being undertaken by bank's Stressed Assets Targeted Resolution Action (SASTRA) Division. The SASTRA division is tasked to enhance bank's recovery mechanism post the massive fraud caused by the jewellers duo Nirav Modi and Mehul Choksi, unearthed in early 2018. - economic times
🍒 PMC Bank money laundering case: ED summons Sanjay Raut's wife for questioning on December 29 : The ED has summoned Varsha Raut, wife of Shiv Sena MP Sanjay Raut, for questioning in the PMC Bank money laundering case on December 29, officials said on Sunday. Varsha Raut has been asked to appear before the federal agency in Mumbai. This is the third summons issued to her after she skipped the earlier two on health grounds, they said. The summons for questioning has been issued to her under the provisions of the Prevention of Money Laundering Act (PMLA). The ED wants to question Varsha Raut with regard to "receipt" of some funds that were allegedly siphoned from the bank, official sources claimed. The ED had filed a PMLA case to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October last year against the Housing Development Infrastructure Ltd (HDIL), its promoters Rakesh Kumar Wadhawan and his son Sarang Wadhawan, its former chairman Waryam Singh and ex-managing director Joy Thomas. - economic times
🍒 Muthoottu Mini Financiers ties up with Exide Life Insurance to provide life insurance products : Muthoottu Mini Financiers Ltd has announced a strategic partnership with Exide Life Insurance Company Limited to provide life insurance products through its branches. The tie-up will enable Muthoottu Mini Financiers Ltd to expand offerings to its customers by becoming a ‘One Point Stop’ for all their financial needs. The Bengaluru-based Exide Life Insurance serves over 15 lakh customers, with a wide range of investments products. The partnership will enable Muthoottu Mini Financiers, which has a customer base of more than 30 lakh, to facilitate greater brand awareness for Exide Life Insurance. “We would be promoting business through our 806 branches across the country. With the strategic alliance now bringing in Exide Life Insurance Company’s offerings into our large bouquet of products, we are on the way to becoming a ‘One Point Stop’ for our esteemed customers for all their financial needs,” Mathew Muthoottu, Managing Director, said. - Business Line
🍒 Ahead of DHFL voting, Oaktree fires fresh salvo against Piramal bid : Ahead of the three week long voting starting Monday to decide on the new owner of Dewan Housing Finance Limited (DHFL), Oaktree has fired yet another salvo by attacking the bid of its nearest competitor Piramal Enterprises. In a letter sent on Sunday evening to members of the committee of creditors, the RBI appointed administrator, Oaktree has said it is concerned that despite its bid offering maximum value for all stakeholders, it appears “there is a consistent campaign to misrepresent information on Oaktree’s bid. Information is not only being presented in an incomplete and inaccurate manner but also in order to discredit Oaktree’s bid and favour the Second Highest Bidder.” - economic times
🍒 Centrum Microcredit raises $5.55 million from Singapore’s IIX : Centrum Microcredit Ltd, the micro-finance arm of diversified Centrum Group, has raised $5.55 million (about ₹41 crore) debt from Singapore-based impact investing and sustainability organisation Impact Investment Exchange (IIX). The micro-finance firm, which has presence across nine States, will use the funding to provide financial assistance to women entrepreneurs. “It is our vision to create a positive, social and economic impact in the lives of low-income household by improving access to finance to women entrepreneurs. This is our first international fund raise and the funds will be used to improve the livelihood of women in India,” Prashant Thakker, Centrum Microcredit Executive Director and Chief Executive Officer, told BusinessLine. - business line
🍒 Oaktree’s bid to ‘convince’ DHFL lenders : In a last-ditch effort to convince the lenders to DHFL, Oaktree Capital has sent a fresh letter to the CoC stating that evaluation of its offer based on incorrect information could be subject to judicial, administrative and investigative review. Sources said Oaktree has expressed concerns that its bid is being misrepresented despite offering maximum value to the stakeholders. Oaktree has highlighted that in terms of total recovery being offered to financial creditors as well as net present value, its financial proposal is clearly superior to all other PRAs. The total recovery for lenders according to Oaktree’s resolution plan is envisaged at ₹38,400 crore and the NPV could be about ₹36,418 crore. Sources said Oaktree has stated that the total cash amount that the CoC would receive immediately on the implementation of its resolution plan would be about ₹17,400 crore. - business line
🍒 Piramal highlights its bid for DHFL while responding to Oaktree's concerns : Responding to Oaktree Capital’s concerns on the DHFL resolution process, the Piramal Group highlighted its bid for the debt-ridden housing finance company. “The Piramal plan merges DHFL with a AA rated entity, offers over ₹10,000 crore of equity immediately, and provides clarity on quality and secondary market valuation of NCDs. The alternative plan is a highly leveraged structure with minimal equity,” said a Piramal spokesperson. - Business Line.
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