After Adani Group, Alok Industries now owe banks Rs 20,000 crore: Report

Even as a recent report revealed that Gautam Adani's firms owe about Rs 72,000 crore to India banks, the latest revelation comes that Alok Industries owes banks a hefty Rs 20,000 crore taken in loan.

After Adani Group, Alok Industries now owe banks Rs 20,000 crore: Report
Pic Courtesy: http://www.apparelresources.com/

Zee Media Bureau

New Delhi: Even as a recent report revealed that Gautam Adani's firms owe about Rs 72,000 crore to India banks, the latest revelation comes that Alok Industries owes banks a hefty Rs 20,000 crore taken in loan.

According to a report in the Economic Times, the debt-ridden textile company had borrowed about Rs 20,000 crore from banks in India along with its subsidiaries.

 

This came to light when Deloitte resigned as the auditor of the textile company in early December 2015.

Considering this very unusual decision, as very few companies change auditor in the middle of the year, it was reported to stock exchanges, as per report.

After four months, banks are now about to order an audit to trace the "end use of loans" taken by Alok, the ET report said.

 

Led by State Bank of India, lenders have approached Chokshi & Chokshi and Grant Thornton to carry out a forensic audit of Alok, said report.

About a week ago, JD(U) member Pawan Verma, revealed during the Zero Hour in Rajya Sabha that Gautam Adani's firms owe banks as much as Rs 72,000 crore, which is about eight (8) times more than beleaguered businessman Vijay Mallya owes to banks at Rs 9,400 crore.

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