Dalmia Bharat Limited has informed the Exchange about General Updates
DALBHARAT · price
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Dalmia Bharat Limited has denied media reports about an SFIO report relating to fraudulent transfer of mutual fund units. The company clarified that Dalmia Cement (Bharat) Limited (DCBL), its subsidiary, had a demat account with Allied Financial Services Private Limited, which misappropriated securities. SEBI investigated and found Allied's conduct fraudulent, seizing its assets and imposing penalties. The Supreme Court, in August 2019, ordered release of the mutual funds to DCBL. A separate SFIO investigation was ordered by MCA based on a private complaint from an associate of the Bawri Group, which is involved in a commercial dispute with DCBL. The company stated it has not received any SFIO report and considers the media articles speculative and motivated.
This is a clarification filing addressing speculative media reports. The actual fraud incident occurred in 2019 and has already been resolved through SEBI action and Supreme Court order. No direct financial or operational impact on the company is expected, though investor sentiment may be temporarily affected by association with SFIO investigations.