Binani Industries defers its financial results

Binani Industries Thursday deferred announcement of its financial statements for the fourth quarter and fiscal 2017-18 ended March 31, citing inability to obtain audited accounts of some of its subsidiaries.

It will publish financial results only upon receipt of audited accounts of its subsidiaries, Binani Industries, a holding company of Braj Binani Group, informed the BSE.

"In spite of best efforts, the company has not been able to obtain the final audited accounts of some of its key subsidiaries. Consequently, the Board deferred the agenda item relating to consideration of Financial Statements, both, standalone and consolidated.

"The audited financial results for the quarter and year ended March 31 2019 (standalone and consolidated) will be published upon receipt of audited accounts of material subsidiaries. We will keep you informed when the accounts are to be placed before the Board," said Binani Industries.

Last year, Binani Industries had lost Binani Cement in the insolvency proceeding after its flagship firm was dragged by its lenders before the NCLT as it defaulted in loan payments.

The unit was taken over by the Aditya Birla group firm UltraTech and subsequently made it a wholly-owned subsidiary.