Prakash Ind says chief wrongly embroiled in Syndicate Bk scam

Prakash Industries, whose Chairman Ved Prakash Aggarwal is under arrest in the Syndicate Bank bribery scandal, today said he is wrongly embroiled in the case, and the company has not defaulted in loan repayment.
"The company and its Chairman has been wrongly embroiled in this mess," Prakash Industries said in a filing to the National Stock Exchange.
"Prakash Industries is a profit-making company and there has been no default whatsoever in repayment and/or servicing of loans and borrowings for many years," it said.
Aggarwal was arrested by CBI in Rs 50 lakh bribery scandal involving CMD of Syndicate Bank S K Jain.

Prakash Industries has interests in steel and power.
"We would like to assure that the case filed by CBI has no material impact on the functioning or profitability of the company," the filing said.