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DALBHARAT · price
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On the reaction day the stock moved 6.7 pts less than Nifty Midcap 150 and 6.1 pts less than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Dalmia Bharat Ltd has issued a clarification denying media reports about an SFIO report concerning fraudulent transfer of mutual fund units. The company explains that its subsidiary Dalmia Cement (Bharat) Limited (DCBL) was a victim of fraud by Allied Financial Services, which misappropriated securities from DCBL's demat account. The Economic Offences Wing registered an FIR in 2019 and filed a chargesheet. SEBI investigated and found Allied guilty of fraudulent conduct, seizing assets and imposing penalties. The Supreme Court ordered return of the mutual funds to DCBL in August 2019. The SFIO investigation referenced in media reports was against ILFS and ISSL, not the Dalmia group. The company states it has not received any SFIO report and believes the news articles are speculative and motivated by a commercial dispute with the Bawri Group.
The disclosure is a clarification to distance the company from negative media reports. Dalmia Bharat was a victim, not a perpetrator, of the fraud. No direct regulatory action has been taken against the company, and its shares were restored. The mention of a commercial dispute with the Bawri Group suggests the news may be driven by shareholder rivalry.