desk
Share
News Topical, Digital Desk : Promoters News: The Supreme Court has granted significant relief to the former promoters of Sterling Biotech in the bank fraud case. According to the FIR, the total fraud was ₹5,383 crore. The company offered a one-time settlement (OTS) of ₹6,761 crore, of which ₹3,507 crore has been paid so far. The outstanding amount is ₹3,253 crore.
₹1,192 crore has been recovered from other group companies under the IBC. The remaining amount is ₹2,061 crore. The CBI submitted a sealed cover payment proposal for ₹5,100 crore in this case. The Supreme Court stated that if the petitioners are willing to deposit ₹5,100 crore, there is no point in pursuing criminal proceedings. The court also noted that public funds are being returned to the banks and all parties have reached an agreement. The Supreme Court directed that all FIRs be quashed upon the full and final payment of ₹5,100 crore.
Read More: Promoters News: Major relief to the promoters of this bank in the Rs 5383 crore fraud case
--Advertisement--
