January 20, 2022

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Shradha Binani moves Bombay High Court to quash SFIO’s summons

Shradha Binani, daughter of Braj Bhushan Binani, promoter of , has moved to the Bombay High Court to challenge the summons issued by the Serious Fraud Investigation Office (SFIO).

On Monday, Senior advocates Harish Salve and Janak Dwarkadas, appearing for Shradha Binani, argued that she was on the company’s board between 2012 to 2014, and the statements made by the SFIO are without any basis.

As per the Bombay High Court website, the case was originally filed on October 1, 2021, and on Monday, the court has posted the case for further hearing to February 1, 2022.

She has approached the court through law firm Dhru & Co. The counsels for Binani said that the department had made ‘brazenly false’ statements, and someone has to take responsibility for making such statements.

Lawyers for Binani informed the court that they are seeking the court’s intervention to direct the SFIO to produce details to back their claim about her alleged involvement in any ‘related party transaction’ that the agency is claiming.

However, the division bench of Justice Gautam Patel and Madhav Jamdar said that she would know what goes in and out of her account, and allow her to file a rejoinder by January 17.

Later, counsel for Binani sought to file a one-page rejoinder, which the court allowed. Also, Additional solicitor general Anil Singh for the SFIO said that Solicitor General Tushar Mehta would appear for the government in the case. Binani has named the Ministry of Corporate Affairs and Senor Official Manish Chandel as parties in the matter.

People familiar with the development said, much after the completion of the Corporate Insolvency Resolution Process (CIRP) for

Ltd (CBL), in May and June 2020, the central investigation agency SFIO has launched an investigation and has issued two summons to Shradha Binani to appear before it.

However, in her plea in the High Court, Binani has argued that after completing the CIRP process, the company is immune from any prosecution for any offence alleged to have been committed prior to the resolution process.

The Binani Cement was acquired by the Aditya Birla Group-owned cement company through Corporate Insolvency Resolution Process (CIRP) in 2018 for Rs 7,900 crore. Later, it was renamed as

Nathdwara Cement.

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