NLCT's nod to IDBI Bank proposal to set off accumulated losses of Rs 45,396 cr

New Delhi: The National Company Law Tribunal (NCLT) gave approval to the proposal of IDBI Bank Limited, to set off the accumulated losses.

The development finance institution on Friday states the bank's proposal of setting off accumulated losses has been approved by the National Company Law Tribunal (NCLT).

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It said, "In Continuation of our earlier disclosure dated February 12, 2021, it is hereby informed that the National Company Law Tribunal (NCLT) vide their order dated March 29, 2023 (uploaded on NCLT website today) has approved the petition filed for the Reduction of Equity Share Capital of the Bank."

Accordingly, the Bank will set off the accumulated losses aggregating to Rs.45396.18 crore as on April 01, 2021 by utilizing the balance of Rs. 50719.75 crore standing to the credit of the Securities Premium account of the Bank as on the said date.

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The aforesaid NCLT order is available on the Bank's website at www.idbibank.in. You are requested to kindly take the above intimation on record in terms of the provisions of Regulations 30 & 51 of SEBI (LODR) Regulations, 2015.

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