Predict your next investment

AGRICULTURE | Crop Production

See what CB Insights has to offer


Private Equity | Alive

Total Raised


Last Raised

$24.81M | 10 yrs ago

About Dunar Foods

Dunar Foods, Duli Chand Narender Kumar Exports, is an Indian rice processor that exports basmati rice to Middle East, Europe and the U.S.

Dunar Foods Headquarter Location

811, Meadows, Shaar Plaza Andheri Hurla Road, Andheri

400 059,


+91 184 3055 772

Latest Dunar Foods News

Dunar Foods’ resolution professional moves NCLT against attachment of assets

Apr 11, 2018

The tribunal will hear the matter next on 18 April. Photo: iStockphoto Mumbai: The resolution professional of TVS Capital Funds-backed Dunar Foods Ltd has moved the National Company Law Tribunal (NCLT) against the attachment of the firm’s assets by the Enforcement Directorate (ED). “The company was admitted to the Corporate Insolvency Resolution Process (CIRP) and the moratorium started from 2 December but the ED had attached the properties of the company on 22 December,” argued Rahul Gaikwad, partner of law firm Gravitas Legal, which is representing the resolution professional. “We have moved to the tribunal against the attachment, since the agency can’t take any such steps when the company is already under moratorium,” he added. The total debt of the company is around Rs758 crore. After hearing arguments, M.K. Shrawat directed ED to file its reply and observed that the agency and resolution professional should try to work together rather than in silos. The tribunal will hear the matter next on 18 April. When contacted, Anil Kohli, the resolution professional for Dunar Foods, confirmed the development and said there were a couple of queries for the company’s assets but no resolution plan yet. “The deadline of 180 days is coming to an end on 22 June,” he added. The ED had attached assets, valued at over Rs177 crore, in connection with its money laundering probe in the National Spot Exchange Ltd (NSEL) case. “The said properties are controlled by Surender Gupta of P.D. Agro Processors Pvt. Ltd and Dunar Foods Ltd,” the agency said in a statement. “P.D. Agro Processors Pvt. Ltd has fraudulently obtained huge funds from NSEL by trading on the exchange platform against non-existent/fictitious sale of their commodity, which is paddy/rice,” the agency said, adding that “the money trail has revealed that a huge chunk of proceeds of crime has been transferred to Ms Dunar Foods Ltd, a sister concern of P.D. Agro Processors Pvt. Ltd.” In 2014, IL&FS Trust Co. Ltd, a trustee of TVS Capital Funds, had moved the company law tribunal in Mumbai against Dunar Foods, alleging mismanagement of funds, misconduct towards the PE firm and oppression of minority shareholders. TVS Capital Funds and International Finance Corp. (IFC), part of the World Bank Group, had jointly invested $30 million in Dunar Foods to aid the firm’s expansion plans in early 2012. Gopal Srinivasan, chairman and managing director, TVS Capital, declined to comment. IL&FS in an email response said it does not comment on market speculation. First Published: Wed, Apr 11 2018. 10 17 AM IST

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Dunar Foods Web Traffic

Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Dunar Foods Rank

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.