High Court of England and Wales has dismissed deceit claim worth $45 million brought by the Punjab National Bank’s (PNB) UK subsidiary, against seven individuals and two companies, based in India and the US.
The bank’s UK subsidiary has claimed concerned 8 loans it made between March 29, 2011, and December 1, 2014, for oil re-refining and wind energy generating projects in the US. The bank had accused the individuals and companies in question of breach of contract, misrepresentation and deceit.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.