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Showing contexts for: megacity developer in C.R. Satyanarayanan vs Indian Overseas Bank on 24 August, 2005Matching Fragments
e. Credit Appraisal was not done properly by you.
(6) You had disbursed Rs. 50 lacs to M/s. Megacity (Bangalore) Developers (Private) Limited by way of Misc. Cash Credit with the following irregularities:
a. You had not conducted pre-sanction inspection of properties offered as security;
b. Value of property was inflated;
c. Mortgage is defective and incomplete;
d. Registration of the property purchased out of the advance amount in the name of the company was not done and the same was not deposited with the Bank as security.