Resolution professional alleges fraud by Binani Cement promoters

UltraTech says bidding for Binani Cement should be called off

The resolution professional for Binani Cement has filed an application in the National Company Law Tribunal (NCLT), alleging fraudulent transactions involving the promoters of the company.

According to the application filed by resolution professional Vijaykumar Iyer, external forensic consultant Haribhakti & Co was appointed in November for reviewing some transactions by Binani Cement.

Iyer has alleged that the promoters of Binani Cement diverted funds through capital advances, inter-corporate deposits, loans and other means to related parties at preferential prices, which, in turn, affected the company’s working capital position.

The report of the consultant, dated March 12, 2018, has identified certain