Ultratech on Binani charges: 'Resolution Professional kept us in the dark'

CNBC-TV18 accessed the report of a forensic audit carried out on Binani Cement, by a Mumbai-based chartered accounting firm Haribhakti & Company. This report flags off quite a few transactions that it calls, "potentially suspect".

Nigel D'souza details the scope of this forensic audit, and the key observations that the accounting firm has made.

Ultratech Cement has responded to the auditors of Binani Cement flagging off "potentially suspect" transactions. KK Maheshwari, MD of Ultratech Cement discussed with Nisha Poddar about their response to the auditors.

The news which has come, is quite a surprise to us. At no stage of the proceedings has Resolution Professional (RP) ever shared with us any such findings pertaining to any fraudulent transactions which they might have discovered. RP is managing the company now for last seven to eight months, and maybe they were aware of it, but certainly it was not put out in the knowledge of resolution applicants and certainly not in our knowledge, Maheshwari said.