Prakash Ind says chief wrongly embroiled in Syndicate Bk scam

Image
Press Trust of India New Delhi
Last Updated : Aug 07 2014 | 10:10 PM IST
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.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 07 2014 | 10:10 PM IST

Next Story