<p>A consortium of banks led by ICICI Bank has declared AGB Shipyard’s Rs 14,000 crore loan account as 'fraud' and has classified it as a non-performing asset (NPA), according to a report by<em> Business Standard.</em></p>.<p>State Bank of India (SBI), ICICI Bank, and IDBI Bank have the highest exposures in excess of 50 per cent to the company. </p>.<p>DH could not independently verify the report.</p>.<p>ABG Shipyard was among the list of companies referred by the Reserve Bank of India (RBI) to be taken up under the Insolvency and Bankruptcy Code (IBC) in 2016.</p>.<p>According to the report, SBI was the first to classify the account as 'fraud', followed by ICICI Bank and then IDBI Bank. Besides the loan, ICICI Bank also holds 11 per cent equity stake in the company, followed by IDBI Bank, Oriental Bank of Commerce and Punjab National Bank at 7 per cent each, and Dena Bank at 5.7 per cent.</p>.<p>Considering the loan amount, AGB Shipyard’s fraud falls in the league of the Nirav Modi scam, where Punjab National Bank took the hit.</p>
<p>A consortium of banks led by ICICI Bank has declared AGB Shipyard’s Rs 14,000 crore loan account as 'fraud' and has classified it as a non-performing asset (NPA), according to a report by<em> Business Standard.</em></p>.<p>State Bank of India (SBI), ICICI Bank, and IDBI Bank have the highest exposures in excess of 50 per cent to the company. </p>.<p>DH could not independently verify the report.</p>.<p>ABG Shipyard was among the list of companies referred by the Reserve Bank of India (RBI) to be taken up under the Insolvency and Bankruptcy Code (IBC) in 2016.</p>.<p>According to the report, SBI was the first to classify the account as 'fraud', followed by ICICI Bank and then IDBI Bank. Besides the loan, ICICI Bank also holds 11 per cent equity stake in the company, followed by IDBI Bank, Oriental Bank of Commerce and Punjab National Bank at 7 per cent each, and Dena Bank at 5.7 per cent.</p>.<p>Considering the loan amount, AGB Shipyard’s fraud falls in the league of the Nirav Modi scam, where Punjab National Bank took the hit.</p>