Exposure To Rotomac Group ₹517 Cr: Allahabad Bank

Allahabad Bank has said that it has an exposure of ₹517 crore to the Rotomac group.

In response to a clarification sought by stock exchanges, the bank said that it has an exposure to the group since 2006.

The Kolkata-based bank has an exposure of close to ₹43 crore to Rotomac Exim through sole banking, ₹315 crore to Rotomac Global through multiple banking, and ₹159 crore to Rotomac Exports through consortium arrangement wherein Bank of India is the lead banker, the bank informed the stock exchanges. Of the three accounts, those of Rotomac Global and Rotomac Exports have been filed with the National Company Law Tribunal (NCLT) and admitted on September 20, 2017.

The recovery process under SARFAESI is under way for Rotomac Exim, the filing said.