Hindustan National Glass & Industries

Transactions auditor BDO India has detected three potentially fraudulent or wrongful transactions worth Rs 63.34 crore under the erstwhile management of Hindusthan National Glass & Industries Ltd (HNG) during the three financial years 2019-20 to 2021-22. The three entities reportedly involved in the fraudulent or wrongful trading are Rafbrix International (Rs 15.10 crore), Maithan Ceramic Ltd (Rs 5.78 crore), and Durvish Vyapaar Pvt Ltd (Rs 42.46 crore), as per the report submitted to NCLT as part of the resolution process of the debt-ridden company. The auditor in its report said it is concluded that outstanding advances amounting to Rs 15.10 crores, Rafbrix International, is a potential diversion of funds and the same can be classified under section 66 of the Insolvency and Bankruptcy Code (IBC) as 'fraudulent or wrongful trading'. A similar observation was made in the case of HNG trading with Durvish Vyapaar Pvt Ltd (Rs 42.46 crore) after negative physical site visit, absence ..

Uganda-based Madhvani Group plans to invest ₹10,000 crore in India and has submitted a ₹2,752 crore resolution plan to acquire Hindustan National Glass & Industries Ltd

The case pertains to HNG, which was admitted to insolvency in October 2021. Two bidders, AGI Greenpac and Independent Sugar Corp. (INSCO), were vying for HNG

Litigation tactics of corporate debtors and poor judicial infrastructure among reasons for delay

Over the last one year, the stock has given returns of around 98 per cent, rising from Rs 298.6 apiece. The stock's 5 year-run has also been stellar with an increase of over 5 times (up 436 per cent)

On the CCI website, the notice filed by AGI Greenpac on September 27 regarding the acquisition, has been marked as 'Notice Not Valid'

The stock locked in upper circuit of 20% for the second straight day at Rs 127 on the BSE after the company announced the resolution plan/compromise offer for the settlement of dues.