NLCT's nod to IDBI Bank proposal to set off accumulated losses of Rs 45,396 cr
New Delhi: The National Company Law Tribunal (NCLT) gave approval to the proposal of IDBI Bank Limited, to set off the accumulated losses.
The development finance institution on Friday states the bank's proposal of setting off accumulated losses has been approved by the National Company Law Tribunal (NCLT).
Read Also : NHPC Ltd Q4 results, 16.3 percent decline in net profitIt said, "In Continuation of our earlier disclosure dated February 12, 2021, it is hereby informed that the National Company Law Tribunal (NCLT) vide their order dated March 29, 2023 (uploaded on NCLT website today) has approved the petition filed for the Reduction of Equity Share Capital of the Bank."
Accordingly, the Bank will set off the accumulated losses aggregating to Rs.45396.18 crore as on April 01, 2021 by utilizing the balance of Rs. 50719.75 crore standing to the credit of the Securities Premium account of the Bank as on the said date.
Read Also : Ujjivan small finance bank Q4 results, highest ever PAT at Rs 1,281 crore recordedThe aforesaid NCLT order is available on the Bank's website at www.idbibank.in. You are requested to kindly take the above intimation on record in terms of the provisions of Regulations 30 & 51 of SEBI (LODR) Regulations, 2015.
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