Pankaj Oswal has been accused of producing misleading information after he said he offered to deposit $20 million into Burrup Fertilisers to "avoid expensive and damaging litigation" stemming from the investigation of Burrup's financial irregularities.
ANZ Banking Group placed Burrup Fertilisers into receivership late Friday after it was unable to broker a settlement between the group's estranged shareholders, Pankaj Oswal and Norwegian group Yara International.
A major restructure of Pilbara fertiliser producer Burrup Holdings is believed to be under discussion in a bid to resolve the ongoing battle between its estranged owners, Indian businessman Pankaj Oswal and Norwegian giant Yara International.
The legal stoush between Norwegian fertiliser giant Yara and Burrup Holdings over access to the Pankaj Oswal-controlled ammonia producer's accounts remains unresolved after a short hearing in the Federal Court today.
ANZ Bank has joined Yara International's Federal Court action to gain access to the accounts of Burrup Holdings, as the Pankaj Oswal-controlled fertiliser producer again failed to approve the terms under which inspection of the accounts could proceed.
Norwegian fertiliser giant Yara has lifted the veil on its concerns about the financial dealings of Burrup Holdings, controlled by Indian business couple Pankaj and Radhika Oswal, in a hearing of the Federal Court in Perth.
The dispute between Burrup Holdings managing director Pankaj Oswal and the company's 35 per cent shareholder Yara Australia has escalated after Burrup blocked an independent audit of its financial accounts.
Norwegian fertiliser company Yara International ASA has lifted its stake in Burrup Holdings to 35 per cent after purchasing additional equity from the company's founder and chairman Pankaj Oswal.
