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SBI-led Consortium Orders Forensic Audit of Punj Lloyd
October 16, 2017
As the borrower Punj Lloyd, a construction group in the field of aerospace and land systems, etc. failed to service its accounts for eight quarters in a row, an SBI-led consortium of multiple banks has ordered a forensic audit of its accounts.
The audit is in line with the guidelines of the Reserve Bank of India that allows the borrowers to benefit from an S4A loan restructuring scheme after undergoing a forensic audit.
If the auditor gives a clean chit to Punj Lyod, it could get some much-needed relief and avail restructuring of its Rs. 14,000 crores worth of loans.
