Intimation w.r.t summons issued
Awaiting price reaction for this filing.
Ballarpur Industries (BILT) has been summoned by the Chief Judicial Magistrate, Rouse Avenue District Courts, New Delhi, in Case No. CBI/23/2025 linked to CBI FIR No. RC 219/2023/E0007. The charges relate to IPC sections 120B (criminal conspiracy), 409 (criminal breach of trust) and 411 (dishonestly receiving stolen property). BILT has been named as Accused No. 2, while its Dutch step-down subsidiary Ballarpur International Holdings B.V. is Accused No. 1. The next court hearing is scheduled for August 12, 2025. The company has stated there will be no financial impact, as the FIR relates to a period before its Corporate Insolvency Resolution Process (CIRP), and under Section 32A of the Insolvency and Bankruptcy Code, a corporate debtor is shielded from prosecution for pre-CIRP offences once the resolution plan is approved.
Near-term financial impact is likely limited as the company is relying on IBC Section 32A protection following NCLT approval of its resolution plan in January 2023, but the criminal allegations around breach of trust may keep a legal and sentiment overhang on the stock until the matter is resolved.