Binani Industries denies reports of fraud

Binani Industries today denied reports of fraud saying the accounts of the company and holding companies have been fully audited and all transactions have been disclosed.

"The question of any fraud committed by the company or by the members of the board of directors of the company does not and cannot arise as all the accounts of the company and the holding companies are fully audited and all the transactions including the related party transaction have been disclosed," the company clarified in its response to stock exchanges.

Stock exchanges had sought its response over news reports suggesting that resolution professional has alleged fraud by Binani Cement promoters.

Resolution professional (RP) Vijaykumar V Iyer has moved the National Company Law Tribunal (NCLT) alleging suspect and fraudulent transactions in Binani Cement carried out by an independent forensic auditor.