Centenial Surgical Suture Ltd — Updates, 28-06-2025: Company Update

Indian Bank’s Fraud Examination Committee has confirmed the continuation of fraud classification on Kiratpur Ner Chowk Expressway Ltd (KNCEL) concerning diversion of funds. The company had availed consortium loans totaling Rs. 450 Cr for a highway BOT project but defaulted since 2018, with an outstanding balance of Rs. 330.65 Cr as of March 2025. The committee found evidence of round-tripping of equity contributions back to the same account, misuse of capital advances, and poor asset creation, rejecting most explanations from the borrower. This classification impacts lender recovery actions and shareholder risk perception.