New Delhi: State Bank of India (SBI) has raised objections to the proposal of Captain Gopinath to float a budget airline saying that the company which he had led in the past is yet to repay loans.
Confirming the development, SBI managing Director and CFO Diwakar Gupta said the bank had written to the Directorate General of Civil Aviation (DGCA) registering its objections to Gopinath's proposal.
"Yes, we have sent a letter to DGCA stating our concern," Gupta told PTI.
Promoted by Gopinath, Deccan Cargo and Express Logistics Pvt Ltd which ran Deccan 360, grounded since May 2011, owes about Rs 500 crore to various banks.
SBI has an exposure of about Rs 150 crore in the company which is in default of about Rs 500 crore of loan.
09/06/13 PTI/Economic Times
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Confirming the development, SBI managing Director and CFO Diwakar Gupta said the bank had written to the Directorate General of Civil Aviation (DGCA) registering its objections to Gopinath's proposal.
"Yes, we have sent a letter to DGCA stating our concern," Gupta told PTI.
Promoted by Gopinath, Deccan Cargo and Express Logistics Pvt Ltd which ran Deccan 360, grounded since May 2011, owes about Rs 500 crore to various banks.
SBI has an exposure of about Rs 150 crore in the company which is in default of about Rs 500 crore of loan.
09/06/13 PTI/Economic Times
