Murli Industries has been recently barred from market trading by the Securities and Exchange Board of India (SEBI) for allegedly violating guidelines and accused the promoter of colluding with broker Sanjay Dangi to manipulate share prices.
Murli Cement’s Rs 1450cr loan from PSU banks goes sour
NAGPUR: Yet another city-based company has ended up being a bad loan account. M/s Murli Cement, which has a plant at Chandrapur and owes Rs 1450 crore to a consortium of 18 PSU banks, has even failed to meet terms of a corporate debt restructuring (CDR) plan. Over a couple of months ago, the bankers decided to withdraw the CDR proposal.
NAGPUR: Finally, a major bank defaulter from the region may face some action. Over a dozen PSU banks, led by Bank of Baroda (BoB) are planning to invoke the Securitization Act against Murli Group of Industries that has interests in cement, agro-processing and paper and owes more than Rs 1450 crore to the financial institutions.
SAT upholds Sebi order against 5 entities; slashes penalty
Mumbai: The Securities Appellate Tribunal (SAT) has upheld Sebi’s order against five entities in a case related to failure of disclosing requisite details to the bourses but has reduced the penalty amount.
Murli Industries, also a city-based company, features in the list too and is ranked 14th with unpaid loans of Rs 884 crore. This takes the loan defaults by Nagpur-based business groups to Rs 2,573 crore.