Kajaria Ceramics reports fraud in step-down wholly-owned subsidiary
Kajaria Ceramics announced that Dilip Kumar Maliwal, Chief Financial Officer of Kajaria Bathware, a wholly owned subsidiary (KBPL) of the Company found to have committed a fraud over a period of last two years by way of embezzlement and siphoning of funds of Kerovit Global, a wholly-owned subsidiary ('WoS') of KBPL, which is a step-down WoS of the Company. The estimated amount of fraud is Rs 20 crore.
KBPL has filed a compliant with the police and terminated Dilip Kumar Maliwal from the service of KBPL.
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