Ksbl, Developer Reserved For Loan Default 159cr | Hyderabad News

Hyderabad: Central Crime Station (CCS) Police have filed a case against Karvy Stock Broking Limited (KSBL), its promoter C Parthasarathy and others based on Axis Bank’s complaint of failing to repay 159 crore borrowed to the bank in 2009.
On May 27, V Ramachandra Guptha, an employee of Axis Bank, Greenlands, Begumpet, filed a complaint alleging that in July 2009 representatives of KSBL approached the bank with a request for a bank guarantee limit sanction.
“By taking KSBL promoter C Parthasarathy as guarantor, the bank sanctioned 82.69 crore as overproject against securities, 47.07 crore as overproject against book debts, 26.06 crore as loan against property and 3.42 crore as overproject against book debts. crore were invoked as a bank guarantee to KSBL. In total, KSBL is to pay 159.26 crores and interest as per contractual terms to Axis Bank,” the plaintiff alleged.
However, KSBL failed to repay the dues, which ultimately led the bank to declare it a non-performing asset.
Later, KSBL’s trading activities in Capital Markets and Commodity Markets were suspended by NSE and BSE in 2019 and this impacted KSBL’s recoverable amount and Axis Bank flagged the account as fraud on December 23, 2020. “So, please initiate the necessary legal action against KSBL, its promoters including C Parthasarathy, the administrators and others related to the matter,” the plaintiff alleged.
Based on the complaint, the police registered a case under Sections 406, 409, 420 r/w 34 of the Indian Penal Code (IPC) against KSBL, Parthasarathy and others.

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