Why quiet for a very long time in the greatest financial trick:Had gathered 13,975 crores from ABG Shipyard 4 years prior,we would not have lost 23 thousand crores

22,842 crore of ABG Shipyard Company with 28 banks in the country. Many stunning realities have become known in the greatest financial trick of India. All things considered, this case preceded the Debt Recovery Tribunal, Ahmedabad in 2018. Then, at that point, 3 unique decisions were given on 3 distinct grievances of Dena Bank, ICICI Bank and SBI. The council conceded Rs 13,975 crore to banks from ABG Shipyard Company. was requested to be recuperated.
It was additionally said in the judgment that on the off chance that recuperation is unimaginable, then, at that point, recuperation ought to be finished by selling the mobile and relentless property of the organization. Yet, because of some explanation the banks couldn't do this. Therefore, the matter heightened to SBI DGM Balaji Samantha. Samantha submitted a composed question to the CBI on 25 August 2020.

Post notice gave for previous director of the organization

In the wake of researching the matter, the CBI enlisted an instance of wrongdoing against ABG Shipyard and its kin. Then again, on Tuesday, the CBI has given a post notice for the organization's previous director and MD Rishi Agarwal.
It is thought that Agarwal has escaped to Singapore. Allow us to illuminate that on 8 August 2018, Dena Bank had whined against Rishi Aggarwal, ABG International Pvt Ltd and others. The court on December 27, 2018, alongside premium (at the pace of 12.7% per annum) paid Rs. Recuperation was requested. It was additionally said that in the event that recuperation is unimaginable, then, at that point, the bank ought to recuperate by selling the versatile and undaunted property of the organization.

Case was enlisted in 2017

Prior on 28 October 2017, ICICI Bank had documented a body of evidence against Rishi Agarwal and ABG International Pvt Ltd at DRT-Ahmedabad. On this, the Tribunal requested on 2 October 2018 that Rs 4503.94 crore from both the mindful. also Rs.174.7 crore. It was requested to be recuperated inside two months. It was likewise said that in the event of disappointment, recuperation ought to be made by selling the versatile and relentless resources of the organization.
After this,on 12 April 2018, SBI additionally documented a case in the council. On this a request was given that Rs 2510 crore was given from Rishi Aggarwal. Be recuperated. In any case, because of some explanation the recuperation wasn't possible for a long time. In the wake of arriving at the matter before the CBI in the year 2020, it has now been uncovered that there has been a trick of Rs 22,842 crore with 28 banks of the country.
ABG Shipyard Ltd. for this situation by the CBI. The administrators of the organizations connected with it, the then CMD Rishi Kamlesh Agarwal, the then Executive Director Santhanam Muthaswamy, the chiefs Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and different organizations ABG International Pvt. An argument has been enrolled against individuals connected with.

Credit limit raised up to multiple times in 2 years

On 14 February 2006, ABG raised Rs 100 crore. Bank credit was taken. Out of this 80 crores. Took credit from SBI. Steadily this credit limit expanded to Rs 1558 crore by 2008. had reached. Essentially, the organization had taken credits from 28 unique banks.

The organization had requested CDR by contending for downturn

The organization went into a concurrence with the bank on March 28, 2014. Then, at that point, refered to the debilitating monetary circumstance by expressing an immense misfortune in the delivery business because of the downturn. Second agreement. Then, at that point, there was an interest for Corporate Debt Reconstruction (CDR), which the bank acknowledged.

The bank had placed the organization's obligation into NPA

On 31 March 2016, Rishi Aggarwal made Rs 2.66 lakh crore. An advance of 1935 crores was taken by showing versatile and undaunted resources. Arrangements were additionally made to reimburse the credit taken from the banks according to the understanding. However, the advance was announced NPA after the organization communicated its powerlessness.

CAG Report : Rs.1400/sq.m to ABG. of place that is known for Rs.700/sq.m. yielded

The 2007 CAG report said that ABG was distributed 1.21 lakh square meters in October that very year. Land Rs.700 yielded. While the cost is Rs 1400. sq. m. Because of which the State Government experienced a deficiency of 8.46 crores.

Government's contention: In the CAG report, the public authority had guaranteed that in 2010, there was an arrangement between Gujarat Maritime Board and ABG with respect to Maritime Training Institute. For that reason the land was given at a concessional rate.