Dalmia Cement Bharat Ltd. said it was neither shocked nor surprised by the reports of “dubious transactions” at Binani Cement. It is confident that it would be able to revive the company and create a win-win position for all stakeholders.
“During due diligence and also through reports that we were receiving, we got a whiff of a few dubious transactions at the company,” said Dalmia Cement Bharat Group CFO Mahendra Singhi. The Resolution Professional had already filed an application with the National Company Law Tribunal, alleging some dubious transactions at the company based on a forensic audit report submitted on March 12, it was learnt.
“It does not come as a shock to us and it would be wrong to think that we did not have this in mind when we valued the company and during due diligence, we are comfortable with it,” Mr. Singhi said. Binani Industries on Wednesday said in a regulatory filing that it had been asked to clarify reports on Binani Cement.
However, when contacted, an employee at their office here declined to comment. Dalmia Cement is keen to gain control of the company to strengthen its position in markets like Gujarat, where it does not have a presence now.
