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Dalmia Bharat gets securities worth Rs 344 cr back from IL&FS Securities

Dalmia Bharat Ltd on Friday said securities worth Rs 344 crore have been credited back to the demat account of its arm by IL&FS Securities Services following an order of the Supreme Court.

Dalmia Bharat | IL&FS | Demat

Press Trust of India  |  New Delhi 

Dalmia Bharat, Binani cement, Ultra Tech cement,  National Company Law Tribunal , NCLT,Deloitte ,Murli Cement and Kalyanpur Cement,  JSW Cement,

Cement maker Ltd on Friday said securities worth Rs 344 crore have been credited back to the account of its arm by Securities Services following an order of the

Mutual fund units of its two erstwhile subsidiaries were earlier "fraudulently and illegally transferred" by Allied Financial Services Pvt Ltd (AFSPL) "in collusion with Securities Services Limited (ISSL)", said in a regulatory filing.

The two subsidiaries were of Dalmia Bharat's step-down firm Dalmia Cement (Bharat) Limited (DCBL).

"We hereby further update that the said Securities of DCBL lying with ISSL were released in favour of DCBL and credited back to its account as per said order of the Supreme Court," it said.

Earlier on March 16, 2021, the had modified its previous order of August 2019 and had allowed the release of the securities.

The apex court had directed "release of the Mutual fund units of two erstwhile subsidiaries of DCBL, which is a subsidiary of the Company, valued at approx Rs 344 crore ('Securities') which were fraudulently and illegally transferred by AFSPL in collusion with Securities Services Limited (ISSL) and the same were lying with ISSL," it said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, April 02 2021. 22:21 IST