Kingfisher loan default case: ED summons IDBI Bank, KFA officials | business | Hindustan Times
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Kingfisher loan default case: ED summons IDBI Bank, KFA officials

business Updated: Mar 11, 2016 09:31 IST
HT Correspondent
HT Correspondent
Hindustan Times
ED summons Kingfisher officials

ED has summoned officials of IDBI Bank and Vijay Mallya-led Kingfisher Airlines (KFA) in connection with the loan default case.

The Enforcement Directorate (ED) has summoned officials of IDBI Bank and Vijay Mallya-led Kingfisher Airlines (KFA) in connection with the alleged default in the Rs 950-crore loan sanctioned by the lender to the airline in 2009.

“All of them have been given notice to depose at our Mumbai office by Saturday,” a senior ED official told HT.

According to sources, the summons have been sent to Yogesh Agarwal, former CMD of IDBI Bank, and four other officials — BK Batra, OV Bundellu, R Bansal and SKV Srinivasan, who were key members of the credit committee that sanctioned the loan.

KFA CFO Raghunathan and a few other executives have also been summoned.

The agency will question bank officials about their roles in sanctioning the loan to KFA despite the airline’s negative credit ratings and financial troubles.

The summons have been issued under the provisions of the Prevention of Money Laundering Act (PMLA) and all the individuals have been asked to submit details about their personal finances and Income Tax Returns (ITRs) of last five years to the investigators, sources said.

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