The Bombay High Court Monday dismissed the petition filed by the daughter of Braj Bhushan Binani, the promoter of Binani Industries Ltd, seeking to quash summons issued last year by the Serious Fraud Investigation Office (SFIO) working under the Union Ministry of Corporate Affairs.
A division bench of Justice S V Gangapurwala and Justice R N Laddha on November 14 passed a verdict in the plea by his daughter Shraddha Binani, challenging the validity of summons dated July 30, 2021, issued by SFIO under Section 217 (Powers of inspectors) of the Companies Act, 2013.
Senior advocates Mukul Rohatgi, Janak Dwarakadas, and Birendra Saraf, appearing for the petitioner, submitted that the probe is undertaken purportedly under the Companies Law with regards to the affairs of Binani Cement Limited (BCL) and she was merely a non-executive director for a period between April 2012 to April 2014.
The BCL was acquired by the Aditya Birla Group-owned cement company through the Corporate Insolvency Resolution Process (CIRP) in 2018 and it was renamed as UltraTech Nathdwara Cement.
