A 12 July order of the Allahabad Debt Recovery Tribunal has accused Bank of India and Indian Overseas Bank executives of concealing facts and giving evasive replies in the Rotomac case. Photo: PTIMumbai: In a scathing indictment, the Allahabad Debt Recovery Tribunal (DRT) had last year accused bankers to the Rotomac Global group of gross misconduct and negligence in granting credit and failing to detect irregularities in multiple accounts. Dinabandhu Mohapatra, managing director of Bank of India, said that the tribunal had meant an audit of the Rotomac group of companies rather than the banks. Bank of India has “not given any additional funding to Rotomac after it was declared a non-performing loan in FY16. A spokesperson for RBI did not respond to emails and a spokesperson for Rotomac could not be immediately reached for comment.

Source: Mint February 21, 2018 18:33 UTC