Ganesh Benzoplast Limited has informed the Exchange about Disclosure under Regulation 30-updates
GANESHBE · price
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Awaiting price reaction for this filing.
The Bombay City Civil Court at Mazgaon has granted an interim injunction and stay in favour of Ganesh Benzoplast and its wholly-owned subsidiary GBL Chemical in a case involving fraudulent loan transactions. The company and subsidiary had been falsely named as borrowers in a purported loan of Rs 7.03 crore, based on forged documents, fake board resolutions, and fabricated signatures allegedly created by Mr. Ramakant Pilani and others. The court held that the company made out a strong prima facie case and ordered Lok Sewak Leasing, CIBIL, and other defendants to refrain from acting on the forged documents. Importantly, the court directed CIBIL to restore the credit score of GBL Chemical to its pre-fraud status. The company has stated there are no expected financial implications or claims arising from this development.
Positive near-term outcome as the court ruling supports the company's stance in an ongoing fraud case and helps restore the subsidiary's credit profile. However, investors should note this relates to past alleged misconduct and the underlying investigation by agencies is still continuing, which may keep some uncertainty around the stock.