Nirav Modi scam: Sebi raps PNB for disclosure lapses in quarterly results

Nirav Modi scam: Sebi raps PNB for disclosure lapses in quarterly results

PNB Housing Finance is now more valuable than its parent Punjab National Bank which has seen its market capitalisation shrink considerably after being hit by the Dollars 2 billion fraud carried out allegedly by Nirav Modi.

In its letter, the securities regulator said it viewed the non-compliance "seriously" and warned PNB to be "cautious in future to ensure compliance".

SEBI pointed out that there was a delay of one-six days by PNB in disclosing to the exchange the compliance report that it had filed with the CBI and the RBI.

PNB had filed a police complaint about the fraud on January 29, but disclosed the matter to the regulator only on February 5.

Accordingly, PNB has not complied with various norms.

According to data available with BSE, PNB's market cap has fallen to Rs 20,925.15 crore, less than PNB Housing Finance's Rs 21,322.92 crore.

With over 12 per cent decline in the shares of Punjab National Bank on Wednesday, its market capitalisation (m-cap) is now below that of its housing finance arm, PNB Housing Finance.

Meanwhile, when PNB Housing Finance was listed in November 2016, its market value was almost half of its parent Punjab National Bank, which holds 32.96 per cent stake in the housing finance unit.

For the year ended March 2018, PNB Housing Finance reported a net profit of Rs 830 crore on net interest income (NII) of Rs 1,599 crore.

The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 86620.05 Crore (18.38 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs 48684.29 Crore (11.24% of total assets).

The bank had initially said it had been defrauded of only Rs 280 crore before going on to disclose what has become the largest ever loan fraud case in the Indian banking history. The agency said the jewellery was "brought from Dubai" and has been seized under the Prevention of Money Laundering Act. Choksi, along with his nephew and millionaire designer jeweller Nirav Modi, is being investigated by the ED for allegedly defrauding PNB.

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