Dalmia Bharat Group Says Mutual Funds Units Of Subsidiaries Illegally Transferred
Odisha Cement Ltd., soon to be renamed Dalmia Bharat Ltd., said it has filed a complaint with regulators and the police after a depository participant transferred mutual fund units of the group’s arms.
Mutual fund units worth Rs 344 crore were “illegally and unauthorisedly transferred” by from the demat accounts of Odisha Cement and Dalmia Cement East Ltd., the company informed exchanges.
At this value, the units represent 1.47 percent of Odisha Cement’s market capitalisation before it delisted on Nov. 28, 2018, according to BloombergQuint’s calculations.
The matter has been reported to the National Securities Depository Ltd., National Stock Exchange and other appropriate authorities, including the stock market regulator, the company said. SEBI has initiated appropriate action like keeping the redemption of the units on hold, it said.
Odisha Cement said it has also filed a criminal complaint with Economic Offences Wing of the New Delhi Police.
The company has yet to respond to BloombergQuint’s emailed query.