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    Khattar denies wrongdoing, says Carnation was a bona fide business failure

    business | IST

    Khattar denies wrongdoing, says Carnation was a bona fide business failure

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    Former managing director of Maruti Udyog Jagdish Khattar, who was booked by the Central Bureau of Investigation for alleged bank loan fraud of Rs 110 crore involving his venture Carnation Auto India Limited, has vehemently denied all charges.

    Former managing director of Maruti Udyog Jagdish Khattar, who was booked by the Central Bureau of Investigation for alleged bank loan fraud of Rs 110 crore involving his venture Carnation Auto India Limited, has vehemently denied all charges.
    Khattar said Carnation was a bona fide business failure. “There is no wrongdoing. A detailed forensic audit was conducted earlier this year by a leading independent auditor and nothing amiss was found. A search was conducted by the CBI and nothing incriminating was found," he told CNBC-TV18.
    In its FIR filed recently, the CBI has named Khattar and his company for allegedly causing a loss of Rs 110 crore to Punjab National Bank.
    CBI books former Maruti MD Jagdish Khattar for cheating PNB to the tune of Rs 110 crore
    Khattar was with Maruti Udyog Limited from 1993 to 2007. After retirement, he had launched Carnation for which he got a loan of Rs 170 crore sanctioned in 2009. The loan was declared non-performing asset in 2015 with effect from 2012, the FIR said.
    But Khattar says his company has failed. “We will be vindicated once the investigation is complete,” he said.
    The investigative agency has registered an FIR under IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank.
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