STC is in the process of restructuring of listed entity on account of such existing debts and necessary actions in fraud/default this respect have already been initiated.
Mumbai : Indian Overseas Bank, Syndicate Bank and Exim Bank may classify the accounts of State Trading Corporation (STC) as non-performing asset because of non-payment of interest on loans, the state-run trading firm said on Wednesday.
In a regulatory filing on the BSE, STC said the estimated amount involved was to the tune of Rs 309.82 crore. The company said this was in lieu of the “delay/non-payment of interest to Indian Overseas Bank, Syndicate Bank and Exim Bank, WCDL (working capital demand loan) to Indian Overseas Bank and installment towards payment of WCTL”.
On whether such fraud/default/arrest has been reported to appropriate authorities, the company replied in the affirmative. Earlier this month, Indian Bank and Union Bank of India rendered the accounts of State Trading Corporation (STC) as non-performing asset because of non-payment of interest on loans.
“STC is in the process of restructuring of listed entity on account of such existing debts and necessary actions in fraud/default this respect have already been initiated,” the company said on corrective measures taken.
