National

KOTAK MAHINDRA BANK REFUTED CHARGES MADE BY BAGLA FAMILIES

August 14, 2020 08:51 AM

Mumbai (Face2News)

Kotak Mahindra Group Chief Communication Officer’s  Mr. Rohit Rao, in response to a news item published by Face2News with heading “NO ACTION AGAINST KOTAK MAHINDRA BANK, DR. SANTOSH KUMAR BAGLA SENT COMPLAINT TO PM”, has said,  “We would like to assure you that Kotak Mahindra Bank has strong risk management and corporate governance framework.

The issue that you are referring to is a ten-year-old loan recovery case where the borrower – Cogent Ventures India Limited and members of Bagla family as guarantors had defaulted on their loan repayment and to recover dues, our bank had initiated recovery proceedings. Subsequently, the borrower entered into an out-of-court settlement and repaid the bank’s dues. Our bank always acts in accordance with the prevailing laws and regulations.

FIR filed by Bhupendra Bagla makes the matter sub-judice and we cannot comment on a sub-judice matter. We stand committed to extend full cooperation to the investigation agency,” Rohit Rao, Chief Communication Officer, Kotak Mahindra Group 

 
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