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Punjab & Sind Bank has reported the loan account of Era Infra Engineering Ltd as fraud to the Reserve Bank of India. The public sector bank, in a stock exchange notice, said it has an exposure of ₹30.02 crore to this company.
Referring to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Bank's policy on determination and disclosures of material events, the Bank's notice said “it is informed that an Account, viz. Mis Era Infra Engineering Limited with outstanding dues of ₹30.02 crore has been declared as fraud and reported to RBI as per regulatory requirement.”
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