Shyam Metalics and Energy Limited has announced that its wholly owned subsidiary, Shyam Sel and Power Limited (SSPL), is subject to a provisional attachment order from the Directorate of Enforcement (ED). The order, dated 15th April 2026, pertains to investments amounting to ₹159.51 crore, which have been attached under the Prevention of Money Laundering Act, 2002 (PMLA).
The provisional attachment includes ₹152.48 crore invested in corporate bonds and alternate investment funds by SSPL. This action is linked to an ongoing investigation into alleged illegal coal mining and pilferage in the leasehold areas of Eastern Coalfields Limited (ECL). However, Shyam Metalics has clarified that there is no direct linkage found with the company in the investigation.
The company has emphasised that the attachment is provisional and subject to confirmation by the Adjudicating Authority under PMLA. Shyam Metalics is actively pursuing legal recourse to address the situation. The company also stated that there will be no impact on its operations or financial activities, as no involvement in illegal coal purchases was established during the investigation.
Financially, the potential implications are limited to ₹152.48 crore, which represents a marginal 1.44% of Shyam Metalics’ consolidated net worth of ₹10,553 crore as of 31st March 2025. The company has assured that it will keep the exchanges informed of any further material developments in this matter.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).