Clarification on News Article published on August 13, 2025
KAJARIACER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Kajaria Ceramics issued a clarification regarding an Economic Times article titled 'Kickback probe' that mentioned the Enforcement Directorate (ED) attaching properties worth over Rs. 31 crore in Delhi-NCR owned by Mr. Rajender Mohan Malla, an Independent Director of the company, and his family members. The ED action is reportedly linked to a probe into alleged siphoning of loans granted to Amtek Group. Mr. Malla is also noted as the former Managing Director of IDBI Bank. The company stated it is not yet aware of the credibility of the information and is seeking details from Mr. Malla. Kajaria Ceramics emphasized that the matter is not related to the company and has no impact on its operations.
The company has distanced itself from the ED action, stating it concerns a personal matter of an Independent Director and does not impact the company. However, governance concerns around an Independent Director linked to an enforcement probe could create short-term negative sentiment and invite scrutiny from institutional investors.