Private sector lender Lakshmi Vilas Bank has said it had adjusted third party deposits, amounting to ₹794 crore, of Religare Finvest Ltd. against loans extended to RHC Holding Pvt. Ltd. and Ranchem Pvt. Ltd.
The deposits were held as security against the loans extended to RHC Holding Pvt. Ltd. and Ranchem Pvt. Ltd., the bank said in a regulatory filing.
“On account of default in clearing the loans, the said deposits were closed and the proceeds were adjusted to clear the said loans,” Lakshmi Vilas Bank said in the filing.
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Disputing the adjustment, Religare, Finvest has a filed a suit in Delhi High Court, the bank said.
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