India: Braj Binani, the owner of Binani Industries and the former owner of Binani Cement, has been prevented from travelling to the UK by Indian immigration officials. Punjab National Bank (PNB) issued a so-called lookout notice to prevent debt defaulters leaving the country, according to DNA Money. The notice was issued following Binani’s failure to attend a Kolkata Bench of the National Company Law Tribunal (NCLT) on 20 January 2019.
Binani Industries had stood guarantor for a US$42m loan taken out by a subsidiary but then left unpaid. Binani Cement was acquired by UltraTech Cement in late 2018 following a legal battle with Dalmia Bharat.
