How a Shree Cement promoter transferred INR3,000 crore shares to private entities for a pittance


From Left, Prashant Bangur, joint managing director, Shree Cement; BG Bangur, chairman, Shree Cement; HM Bangur, managing director, Shree Cement. Image credit score: Shree Cement Ltd. through Facebook.

Synopsis

NBI Industrial finance quietly transferred its shareholdings to its father or mother entities for simply INR89 crore. InGovern Research, which unearthed these offers, calls for a Sebi probe saying the shortage of disclosures and approvals from minority traders demonstrates the mal-intent of the promoters.

New Bank of India (NBI) outlived a lot of its friends, however its 85-year life has been punctuated by a listing of debilitating losses. First, it misplaced its dwelling, then its enterprise was taken over by the state, and now the final bits of the worth left in it appear to have been misplaced to some shady offers. NBI was floated by professor-turned-banker Mulk Raj Kohli in Lahore approach again in 1936. It shortly grew to have branches from Multan and Gujaranwala (each now in

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