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Fearing takeover, Winsome Diamonds accuses banks of crippling it

<p>A day aDiamondsfter the RBI allowed lenders to take control of chronic defaulting companies, one of the biggest stressed borrowers, Winsome Diamonds, today said it is committed to recover money from its UAE customers to pay back the lenders but accused them of sabotaging its efforts</p>

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Mumbai: A day after the RBI allowed lenders to take control of chronic defaulting companies, one of the biggest stressed borrowers, Winsome Diamonds, today said it is committed to recover money from its UAE customers to pay back the lenders but accused them of sabotaging its efforts.

"It is well known that you have been making back-room attempts to ensure that the company fails in its process to recover dues from the UAE customers and repay the consortium of banks," the company, which owes close to Rs 7,000 crore to 15 banks, said in a letter written to Standard Chartered Bank (StanC), which was sent to the exchanges this evening.

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