Lenders seek impounding passport of Gammon India's Abhijit Ranjan

Last Updated: Thu, Oct 11, 2018 18:56 hrs
FILE PHOTO - Commuters walk past a bank sign along a road in New Delhi

Banks are seeking impounding the passport of Abhijit Ranjan, the Chief of Gammon India.

According to various reports and sources, banks approached Passport officials with this request on Thursday.

Gammon India is facing financial irregularities and its NPAs were pegged at Rs 7000 crores.

Gammon India is reported of having exposure to 28 banks. The Union Bank in September had been reported of filing a case against Gammon in the NCLT over a Rs 315 crore default.

Banks said that they were looking to prevent a repeat of cases where defaulters absconded without paying dues. The reference was obvious to cases such as Nirav Modi and Vijay Mallya.

Earlier this year, the Parliament passed a Fugitive Economic Offenders Bill, 2018 aimed at helping the banks and other financial institutions to achieve higher recovery from financial defaults committed by such fugitive economic offenders, and improving the financial health of such institutions.

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