Hind.Natl.Glass News
Auditor flags ₹63 crore as potentially fraudulent in HNG transactions
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 ..
 "Auditor flags ₹63 crore as potentially fraudulent in HNG transactions")
Madhvani Group in talks with Cerberus for $190m loan to buy Indian firm
he parties are discussing a bilateral private credit loan with a tenor of about three-years, said the people, asking not to be identified because the information is private
 "Madhvani Group in talks with Cerberus for $190m loan to buy Indian firm")
