Banks Crack the Whip on Win­some Jew­ellery

The Economic Times - - Markets & Finance -

Banks led by Pun­jab Na­tional Bank and United Bank of In­dia have ini­ti­ated re­cov­ery ac­tion against Win­some Di­a­monds and Jew­ellery for re­cov­ery of debt worth .` 4,000 crore. A con­sor­tium of banks has lent .` 4,000 crore to Win­some Di­a­monds and .` 2,500 crore to its sub­sidiary, For­ever Pre­cious. “The ac­tion ini­ti­ated by the con­sor­tium banks in In­dia, for re­cov­ery of their dues, is un­der chal­lenge by the com­pany. The ac­tion of the bankers is based on a pur­ported re­port made by Kroll Ad­vi­sory So­lu­tions (Kroll)," said the com­pany.

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