S Kumars (SKNL) Caught in Legal Trouble

UP Set to become a Major Textile Hub In order to make Uttar Pradesh a global textile hub and attract investors in the field of handloom and textiles, the state government is soon going to introduce a new Textiles and Garment Policy-2022. Under new textile policy attractive facilities will be offered to entrepreneurs along with capital investment subsidy up to 40%. Preparations are made to provide special facilities to the investors investing in UP and in the proposed policy, investors in Purvanchal and Bundelkhand would be given additional benefits. A provision was being made to give 100 per cent stamp duty and land cost subsidy in the new policy. In addition, grants would be given for infrastructure facilities, he said, adding that subsidies would also be given for employment generation. Click on the link to read more: #perfectsourcing #textile #textiles #entrepreneurs #investment #infrastructure #investing #employment #uttarpradesh #india #manufacturing #apparels #clothing

The CBI has booked textiles major S Kumars Nationwide Limited (SKNL) and 14 others including its promoters and directors for an alleged bank fraud worth Rs 1,245 crore.

Following registration of the FIR, the central agency searched 13 locations in Maharashtra, Gujarat and West Bengal linked to the accused and recovered “incriminating documents.

The company had availed credit from a consortium of banks led by IDBI bank.

Joshi said promoters/directors of the company were booked for allegedly “misusing/diverting the bank funds during the period 2012 to 2018” which resulted in loss of about Rs 1,245.15 crore to the banks.

“The complaint was filed by the IDBI Bank Ltd. and also on behalf of four other member banks of the consortium, namely, Central Bank of India, The Jammu & Kashmir Bank Ltd., Punjab National Bank and Indian Bank,” he said.

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