April 22, 2021

NBI Indl Finance Transferred to Bangur Group Entities Unlisted Shares of Digvijay Finlease etc at 97% Discount of True Value in FY 2016-17

These Shares of Unlisted companies had  intrinsic worth of over Rs. 3000 cr plus .This is calculated also on the basis of their holding of group company 's listed entity Shree Cement 's then prevailing market rate.These were transferred for merely Rs. 89 cr

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FY 2016-2017

 Very serious Insider Transaction  .

Investors are very upset and SEBI has been approached to investigate and compensate Investors 

 Detailed Report in The Economic Times dt. 22/04/2021

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1 comment:

Ashwani Kumar Aggarwal said...

NBI Industrial Finance Ltd . was known , before Nationalisation ,as The New Bank of India ,---------- One the many Banks which later merged with Punjab National Bank was New Bank of India .
It is matter of great pride for us that Late Dr. Ganeshi Lal Aggarwal ,founder of New Bank of India , was father-in-law of my maternal uncle ( real Mamaji ) Dewan Brij Kumar IFS ,Former Ambassador of India..
Mamaji , BA LLB ,would tell us how , once before 1947 , his father-in-law told him " Why do you not join the Bank ?" .
Mamaji did not want to join.
He answered " Bauji , you know how terrible my handwriting is - Debit ki Jagah Credit Pada jayega aur credit ki jagah debit ".
Mamaji was told not to come near the Bank.
In those days ( no computers ) those applying for a job in Banks had to write their application in their own handwriting. A good legible handwriting was an important consideration.