The Enforcement Directorate (ED) filed a charge sheet against a Former Director of the Andhra Bank. In an interview with CNBC-TV18, AK Rath, Executive Director of Andhra Bank spoke about the latest happenings in his company and sector.
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The Enforcement Directorate (ED) filed a charge sheet against a Former Director of the Andhra Bank. In an interview with CNBC-TV18, AK Rath, Executive Director of Andhra Bank spoke about the latest happenings in his company and sector.
The person against whom ED has moved is a nominee director, he said.
We have exposure in Sterling Biotech, Sterling Port and also Sterling Global. So our total exposure in the company is close to Rs 900 crore, he added.
Exposure to Sterling companies is already classified as non-performing assets (NPAs), said Rath.
Forensic audits of many companies are underway and these audits normally takes 10 days to complete, he further mentioned.
For full interview, watch accompanying video…