Allahabad Bank would be put on the block loans worth Rs 101 crore to Khaitan Electricals on its books as part of the NPA package it aims sell now. Besides Allahabad Bank, some of its other lenders have also recognised the account as a non-performing asset, as indicated by the company in its second quarter result. Other lenders - State Bank of India, IDBI Bank and Indian Bank - have an aggregate exposure of Rs 330 crore to the firm. "Company has not provided for bank interest from the month of July 2017, since the same has been declared as an NPA by the banks. In the second quarter of this fiscal, sales dropped to Rs 9.58 crore from Rs 16.41 crore in the year-ago period.

Source: dna November 15, 2017 01:52 UTC