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Last Updated : Apr 03, 2018 08:10 PM IST | Source: Firstpost.com

ICICI Bank gave Rs 650 cr loan to Videocon group company that had Rs 75 cr turnover

Evans Fraser & Company India Limited that received a Rs 650 crore loan from ICICI Bank, had net sales of just Rs 75 crore in 2011 and a net profit of Rs 94 lakh, according to Registrar of Companies data

Firstpost @moneycontrolcom

Dinesh Unnikrishnan

Firstpost

One of the five companies in the Videocon Group, Evans Fraser & Company India Limited, which received a Rs 650 crore loan from ICICI Bank in 2012, had net sales of just Rs 75 crore in 2011 and a net profit of Rs 94 lakh, according to data from the Registrar of Companies (RoC) accessed by Firstpost. The corresponding figures in the previous year were Rs 59.2 crore and a loss of Rs 6.4 crore. In other words, this company alone in the Videocon Group received a loan close to nine times its total sale. The RoC document shows that Evans Fraser & Company runs a realty business alongside a share trading business (Shares and Securities).

A detailed questionnaire sent to ICICI Bank on Monday afternoon, seeking details about the loan and why it lent an amount nearly nine times more than Evans Fraser's net sales, remained unanswered. That apart, an email sent to Videocon Group seeking the specific details about the ICICI loan remained unanswered as well. Firstpost couldn’t immediately reach the borrower companies including Evans Fraser.

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First Published on Apr 3, 2018 05:00 pm
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