Bi­nani cred­i­tors fo­rum seeks foren­sic au­dit

Financial Chronicle - - COMPANIES - FC BU­REAU

The Bi­nani Op­er­a­tional Cred­i­tors Fo­rum (BOCF) on Sun­day sought a foren­sic au­dit of the in­sol­vency res­o­lu­tion process of debt-rid­den Bi­nani Ce­ment due to al­leged lack of trans­parency and step moth­erly treat­ment to mi­cro, small & medium en­ter­prises (MSME) play­ers.

The fo­rum has filed a pe­ti­tion in the Supreme Court call­ing for a foren­sic au­dit of the process. The pe­ti­tion will come up for hear­ing on Thurs­day.

Bi­nani Ce­ment owes about Rs 7,000 crore to fi­nan­cial and op­er­a­tional cred­i­tors.

Even though Dalmia Bharat, with its of­fer of Rs 6,350 crore, had been voted as the high­est bid­der by lenders, things took a turn when Bi­nani In­dus­tries ap­proached Ul­traT­ech to buy out its stake in Bi­nani Ce­ment for Rs 7,618 crore, in­volv­ing 100 per cent pay­out to both se­cured and unse­cured lenders.

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