Stock Report

Ganesh Benzoplast Limited updates on fraudulent transactions at GBL Chemical Ltd



Posted On : 2024-04-16 23:04:53( TIMEZONE : IST )

Ganesh Benzoplast Limited updates on fraudulent transactions at GBL Chemical Ltd

Ganesh Benzoplast Limited has now become aware of certain unauthorised and fraudulent transactions done in the name of the Company and/or its wholly owned subsidiary GBL Chemical Limited ("GBL Chemical"). The Company has taken requisite steps including filing police complaints as well as civil suits against those which the Company believes are the persons who were primarily involved in these fraudulent transactions. Since these transactions are unauthorised and fraudulent in nature, the Company is formally contesting these transactions and therefore, the Company believes that there is no financial liability that will devolve upon the Company and/or GBL Chemical.

Basis the developments on the matter from April 2, 2024 until the date of this disclosure, the approximate amount of such unauthorised borrowings and/or transactions is in the region of INR 40,00,00,000 (Indian Rupees Forty Crores only) to INR 45,00,00,000 (Indian Rupees FortyFive Crores only).

Till date, Company believes that this is the maximum amount of unauthorized and fraudulent transactions carried out from such unauthorized bank account and we would like to reiterate that as of now the Company is not anticipating any liability due to such unauthorized and fraudulent transactions.

Shares of GANESH BENZOPLAST LTD. was last trading in BSE at Rs. 171.40 as compared to the previous close of Rs. 171.40. The total number of shares traded during the day was 33410 in over 1066 trades.

The stock hit an intraday high of Rs. 174.00 and intraday low of 169.90. The net turnover during the day was Rs. 5754856.00.

Source : Equity Bulls

Keywords

GANESHBENZOPLAST INE388A01029 GBLChemicals Unauthorised FraudulentTransactions