Bank of India declares Rs 575 crore exposure to Future Enterprises as fraud
The Bank of India has officially marked its ₹575 crore exposure to Future Enterprises as fraudulent. Previously categorized as a non-performing asset, this account has been sufficiently provisioned. Future Enterprises, helmed by Kishore Biyani, en...
By ET Bureau | Updated:
Agencies
Bank of India has declared its ₹575 crore exposure to Future Enterprises (FEL) as fraud.
Mumbai: Bank of India has declared its ₹575 crore exposure to Future Enterprises (FEL) as fraud, the bank said in a stock exchange notice.
The account was already classified as non performing and has been provided for, the bank said. Kishore Biani's FEL was admitted to insolvency in 2022. It used to develop, own and lease retail infrastructure for the Future Group.
Read more: Polycab India’s F&O exit: NSE sets December 30 deadline; NCLAT stays insolvency order
It also held the group's investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain and logistics.
Read more: HCL Tech Q2 Results: Profit jumps 21% YoY to Rs 5,132 crore; co declares Rs 12/share dividend
The account was already classified as non performing and has been provided for, the bank said. Kishore Biani's FEL was admitted to insolvency in 2022. It used to develop, own and lease retail infrastructure for the Future Group.
Read more: Polycab India’s F&O exit: NSE sets December 30 deadline; NCLAT stays insolvency order
It also held the group's investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain and logistics.
Read more: HCL Tech Q2 Results: Profit jumps 21% YoY to Rs 5,132 crore; co declares Rs 12/share dividend
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