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Lakshmi Vilas Bank misappropriated RFL's 4 FDs worth Rs 791 cr: Religare Enterprise

Press Trust of India  |  New Delhi 

Enterprises Thursday said (LVB) misappropriated four fixed deposits of Finvest (RFL) worth Rs 791 crore, which was one of the major reasons for the group entity's terrible financial health.

"The new management discovered that one of the major reasons for RFL's terrible financial condition was the misappropriation by LVB of monies due to RFL on account of four fixed deposits placed by it with LVB amounting to approx Rs 791 crores (including interest accrued on Rs 750 crores of principal amount)," Enterprises said in a BSE filing.

Such misappropriation caused a massive unlawful loss to RFL and consequently to all its stakeholders, including the public shareholders, it added.

The filing also said the commercial suit for recovery pending adjudication before the is reserved for order on interim application filed by RFL against LVB.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 22:51 IST