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News Ministry finds irregularities in accounts of Burnpur Cement

Ministry finds irregularities in accounts of Burnpur Cement

Written by Global Cement staff 04 January 2019
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India: A probe by the Ministry of Corporate Affairs (MCA) has found ‘serious’ financial irregularities in the accounts of Burnpur Cement. The regional director of the MCA has recommended an investigation of the company, according to the Business Standard newspaper. The MCA has also recommended that the cement producer be barred from making interest payments without government permissions in the interest of its shareholders. The company was reported as a non-performing asset in 2016 and its repayment schedule to lenders has been monitored in the media. It made a loss of around US$15m in the financial year that ended in March 2018.

Last modified on 09 January 2019
Published in Global Cement News
Tagged under
  • India
  • Government
  • Burnpur Cement
  • Ministry of Corporate Affairs
  • Investigation
  • Finance
  • GCW386

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