Mangalam Cement Limited has informed the Exchange regarding event/information being treated as material in the opinion of the Board of Directors of Mangalam Cement Limited ( MCL ) under Regulation 30(4)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015''.
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Awaiting price reaction for this filing.
Mangalam Cement Limited (MCL) has disclosed a material event concerning a cargo of 55,000 MT (±10%) of Green Delayed Petroleum Coke it had contracted to buy from AUM Commodities FZCO (Dubai) at USD 99.90 per MT CIF, shipped from Venezuela to Kandla Port. Although the cargo was loaded on 23 May 2024, it has never been delivered to India, resulting in a loss of approximately USD 5.37 million (around ₹45 crore) representing the payment made via four irrevocable letters of credit. MCL has lodged a formal insurance claim with Liva Insurance B.S.C.(c) of Dubai and is also pursuing legal action through its English solicitors in Hong Kong against the carrier, ship owner, charterers, brokers, and other parties. The Board of Directors at its 8 August 2025 meeting classified this as a material event under SEBI LODR Regulation 30(4)(d). Recovery is now dependent on the outcome of the insurance claim and the ongoing legal proceedings against the overseas parties.
This is a negative material disclosure for shareholders — the company has effectively written off approximately ₹45 crore in non-recoverable cargo payments, pending uncertain recovery through insurance and international litigation. Near-term sentiment on the stock may weaken, though the loss is a one-time event and not operational in nature.