UltraTech on Binani charges: 'Resolution Professional kept us in the dark'
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.
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.
First Published: Mar 21, 2018 2:27 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court dismisses plea seeking postponement of CA exams; details here
Apr 29, 2024 2:29 PM
Just 8% women candidates contested first two phases of Lok Sabha polls
Apr 29, 2024 12:00 PM
The sexual assault case against Prajwal Revanna — here's what we know so far
Apr 29, 2024 11:36 AM
Repolling underway at one polling booth in Chamarajanagar LS segment in Karnataka
Apr 29, 2024 10:32 AM