bank guarantee
Latest from bank guarantee
State’s bank guarantees to govt agencies cross ₹1 lakh crore
Alarmingly, in some cases, the state government bailed out agencies and departments that had defaulted on their loan repayments, officials said
Published on Mar 23, 2025 07:32 AM IST
Ludhiana MC seizes bank guarantee of firm managing city bus services
According to MC officials, the buses returned by the private firm are in poor condition; most of the essential components of the buses like batteries are not working, rendering them unfit for service
Updated on Mar 15, 2024 05:12 AM IST
Sukhpreet Singh, Ludhiana
MSCB refuses to lend sugar factories; 6 proposals on hold
Maharashtra State Cooperative Bank (MSCB) has refused to provide further funding to financially distressed sugar factories, including those controlled by Nationalist Congress Party and Congress leaders. The bank cited financial constraints and non-compliance with required documents as reasons for its decision. This move has put six more pending proposals on hold.
Updated on Nov 10, 2023 08:02 AM IST
Surendra P Gangan, Mumbai
Chandigarh: 3 CITCO officials indicted for fraudulent withdrawal of ₹35 lakh bank guarantee
The matter had come to light in January this year when CITCO had gone to forfeit the security and found that the amount had already been withdrawn by the firm, M/s OSCAR Security and Fire Service, in June 2022
Updated on Oct 21, 2023 09:22 AM IST
Hillary Victor, Chandigarh
Govt overturns its own decision, stands guarantee for sugar factory loans again
The Shinde government in Mumbai has reversed its decision and will now provide a bank guarantee for loans taken by sick sugar factories controlled by political leaders. The loans amount to about ₹1,100 crore and will be given to 13 sugar factories under politicians from ruling and opposition parties. If the factories fail to repay the loans, the state government will be responsible for repayment. The government has already paid ₹1,220 crore in the last five years towards bank guarantees for defaulter factories.
Updated on Sep 07, 2023 12:14 AM IST