Bank Of Baroda Challenges Calcutta High Court Order In Supreme Court

25 फरवरी 2020

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Mumbai, 25 February 2020: Bank of Baroda has challenged the orders passed by the Hon’ble Calcutta High Court in the matter of a bank guarantee issued on behalf of Simplex Projects Ltd, before the Hon’ble Supreme Court of India.

The Bank has, after seeking legal advice, decided to exercise its rights available under law, by preferring a challenge against the aforesaid orders passed by the Hon’ble Calcutta High Court before the Hon’ble Supreme Court of India.

The matter pertains to a bank guarantee of Rs 6.97 crore furnished by Bank of Baroda to Indian Oil Corporation (IOCL) on behalf of Simplex Projects Limited. IOCL had raised a demand to encash the amounts under the bank guarantee, which the Bank did not release since the bank guarantee was not valid on the date of its invocation.

Bank of Baroda has assured its customers and stakeholders that it is business as usual for the Bank. The Bank will take appropriate steps and comply with all legal and regulatory requirements. Bank of Baroda stands committed to protecting customer interests and the trust placed in it.

About Bank of Baroda:

Bank of Baroda (“The Bank”) established on July 20, 1908 is a State-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.

Bank of Baroda is India’s second largest bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. India First Life Insurance and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

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