Banks Crack the Whip on Winsome Jewellery
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.