Ganesh Benzoplast Limited has informed the Exchange about Regulation 30-updates
GANESHBE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Ganesh Benzoplast Limited has disclosed that an FIR dated May 2, 2025 was registered against the Company, its Directors and Key Managerial Personnel at the Economic Offences Wing (EOW), New Delhi, in connection with an alleged unauthorized corporate guarantee supposedly issued in the Company's name for loans taken by Agarwal Bulkactives Private Limited (ABPL). The FIR was filed by Axis Trustee Services Limited (acting as debenture trustee for REVX Capital Fund I and NP 1 Capital Trust), with an indicative claim of around ₹6.83 crore. The Company clarified that ABPL is not owned or controlled by it, that it never authorized any such guarantee, and has been a victim of forged documents created by Mr. Ramakant Pilani, who has been identified as the prime accused in the matter. The Company had earlier denied liability in response to a summons and is now initiating legal proceedings to challenge the FIR. As of now, the Company does not foresee any financial impact on its books since the transactions were unauthorized and allegedly forged.
This is a negative governance event that could create short-term uncertainty and overhang on the stock, especially given the repeated disclosures on similar unauthorized transactions. However, the Company has categorically denied liability, stated that the transactions were forged by a named individual, and asserted no expected financial impact, which may limit longer-term damage if its position is upheld.