Key Highlights
- Advocate Kuldeep Patil for CBI further alleged that the petitioner company GTL Ltd generated Rs 1,400 crores from capital non-convertible debentures and availed credit facilities from a consortium of 24 banks to the tune of Rs 4,760.01 crores.
- As per CBI, the firm cheated the lender banks and misappropriated the funds by providing advances to the purported vendors.
- The GTLIL was also being probed for its alleged financial impropriety and irregularity in availing credit facilities from the consortium of 19 banks and financial institutions.
- In case of GTLIL, the CBI, through its August 2023 FIR claimed that of a total loan of Rs 11,263 crore, the debt of Rs 7,200 crore was converted into equity shares and the balance amount of Rs 4,063 crore was to be paid to the lender banks and financial institutions.
- The agency claimed that the GTLIL diverted a substantial amount of the loan funds through different vendors which were not repaid and goods were not supplied but, later on, written off.
