New Delhi : The National Small Industries Corporation (NSIC) has accused the United Bank of India (UBI) of providing “factually incorrect” information to stock exchanges and not releasing over Rs 173 crore in lieu of bank guarantees, days after the Enforcement Directorate launched a probe into the bank guarantees case.
The NSIC, which functions under the Ministry of MSME and aims to promote micro, small and medium enterprises in the country, sent letters to NSE and BSE besides the company secretary of the United Bank of India (UBI). “We wish to clarify that the clarification given by UBI….is factually incorrect,” company secretary of NSIC Nishtha Goyal wrote to UBI. The letter said that bank guarantees amounting to Rs 173.50 crore “were subsequently invoked by NSIC and the invocation proceeds of these bank guarantees are yet to be released by UBI to NSIC”.
“With regard to the version of UBI on the periodically and premature invocation of bank guarantees amounting to Rs 155.50 crore by NSIC is incorrect. It is clarified that these guarantees were not invoked by NSIC as alleged by UBI and NSIC was in possession of the original BGs amounting to Rs 155.50 crore.
