Debt tribunal prevents directors of Murli Industries from leaving India

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India: The Debt Recovery Tribunal (DRT) in Nagpur has barred Murli Industries from selling or mortgaging its assets due to outstanding debts of over US$275m. The nine directors of the company have been asked not to leave the country without prior permission of the tribunal, according to the Times of India. Accusations of financial irregularities have also been levelled at the directors by the tribunal.

Murli Industries runs a cement plant in Chandrapur, Maharashtra that has been described by the Times as ‘practically closed down’. Workers at the unit have not been paid reportedly since the autumn of 2015. Subsequently they have preventing the company from transporting cement or raw materials out of the plant until they are compensated.

Last modified on 25 May 2016

URL: https://globalcement.com/news/item/4911-debt-tribunal-prevents-directors-of-murli-industries-from-leaving-india

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