Ganesh Benzoplast Limited announced that It has been brought to attention that an unauthorized bank account was opened and operated in the name of Company's wholly-owned subsidiary i.e. GBL Chemical Limited and the Management have also been made aware of certain unauthorised borrowings (wherein the Company is also shown as alleged co-borrower with its WOS) in the said unauthorised bank account. The company is investigating the matter and are taking all requisite legal steps in this regard. The company has already issued written communication to the concerned bank to freeze the operations in the said bank account with immediate effect.

In the meantime, to ensure a fair investigation and as a good corporate governance practice, Mr. Ramakant Pilani, the Chief Executive Officer of the Company (who is responsible for the affairs of the chemical division of the Company as well as the 100% WOS of the Company i.e. GBL Chemical Limited) has offered his resignation from the Company and which is accepted by the Company with immediate effect.