News Snapshot:
Business is rarely risk free. So are bank loans. There is nothing unusual about non-performing loans or assets. They exist in every economy. But when business promoters collude with bank management to manipulate loans in their personal favour, they become a matter of serious concern. And this seems to have become a growing trend in India. The latest report on the promoters of a Gujarat-based ship construction firm, ABG Shipyard, allegedly defrauding a consortium of 28 banks and financial institutions to the tune of Rs.22,842 crore, should be a cause of worry as the forensic audit by Ernst and Young...
