Photo: The Economic Times
Supertech Declared Insolvent, Home Buyers Affected
Property developer Supertech Ltd collapsed after the national Company Law Tribunal sent a petition filed by Union Bank of India for non-payment of dues. A statement released by Supertech cleared company's projects as financially viable, assuring no loss to buyers. Approximately 25,000 homebuyers are awaiting possession after insolvency. Furthermore, the company said, "The order will not affect operations of any other Supertech Group Company"… read-more
Tags: Supertech, property, Noida, Greater Noida, union bank of india
Courtesy: India Today
Photo: India TV
RBI Imposes Fine Of Rs 1 Crore On Union Bank Of India
The Union Bank of India (UBI) has been imposed a monetary penalty of Rs 1 crore by the Reserve Bank of India (RBI) for not complying with certain provisions of its directions. The directions include RBI (Fraud- Classification, and Reporting by commercial banks and select FIs) Directions 2016 and Guidelines on Sale of Stressed Assets by Banks. The penalty has been imposed as per the Banking Regulation Act 1949.
Tags: RBI, Fine, union bank of india, Monetary Penalty, Fraud
Courtesy: ANI
