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Forex woes: Himatsingka sues HDFC Bk for Rs 100cr loss
Published on Mon, May 12 at 20:11 , Updated at Tue, May 13 at 15:18
Source : CNBC-TV18
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Leading silk export company- Himatsingka Seide has taken HDFC Bank to Court over alleged forex derivative losses of over Rs 100 crore incurred on account of contracts issued by the bank in April 2007. Two weeks ago CNBC-TV18 first reported that the company was seeking legal advice on the matter and now the story is finally out in the open.
In response to a query about the issue, the company stated, “ Himatsingka has filed a case against HDFC Bank in the Bangalore City Civil Court. The Court has issued a notice to HDFC Bank. The matter is subjudice and we have no further comments.” CNBC-TV18 understands from sources that HDFC Bank has taken this case with a Debt Recovery Tribunal, or DRT. All HDFC Bank had to say about the lawsuit and approaching the DRT is that, “As policy, we don’t comment on our dealings with our clients or customers. Customer information is confidential and it would amount to breach in confidentiality and trust if we did.”
Sources added that the hearing for this case is scheduled for May 27 in Bangalore. |
By Natasha Parekh, CNBC-TV18Messages on Business Talk
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