The Exchange had sought clarification from Punjab National Bank with respect to news article appearing in The Financial Express on June 16, 2015 titled ‘PNB seeks to sell Electrotherm, Bharati Shipyard loans to ARCs.’ Punjab National Bank replied stating that acceptance of deposits, disbursement of loans, and settlement of NPA accounts under compromise or by sale under SARFAESI or through ARCs etc irrespective of the value, is part of normal banking activities. They are, therefore, of the opinion that the subject matter does not fall under clause 36 of the listing agreement to be reported to the stock exchanges.
The above information is a part of company’s filings submitted to BSE.
