MUMBAI Tata Capital monetary offerings said its loans to
Siva Industries and Holdings and Siva Ventures Ltd had a excessive safety
cover, were sponsored by using a non-public assure from Chairman C Sivasankaran
and settled over two years in the past.
The employer become responding to a claim made with the aid
of Cyrus Mistry, the former chairman of Tata Sons, that a mortgage had turned
into a non-appearing asset.
In a letter to the Tata Sons board, Mistry said that a loan
changed into given "to Siva" no matter Tata Capital's books being in
want of a primary easy up of terrible loans to the infrastructure region.
Tata Capital stated in a announcement late on Friday the
loans amounted to 2 billion rupees ($29.95 million).
"the ability became settled in June 2014 and due
disclosures have been made within the audited financial statements of the
corporation," the agency.
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