Dalmia Cement | Business Upturn

Dalmia Bharat addresses allegations of fraudulent mutual fund transfers

Yash Agarwal — Fri, 08 May 2026 09:57:56 +0000

Dalmia Bharat has issued a clarification regarding media reports on a Serious Fraud Investigation Office (SFIO) report concerning the alleged fraudulent transfer of mutual fund units by Allied Financial Services Private Limited. The company has categorically denied the allegations and provided a detailed account of the situation.

Dalmia Cement (Bharat) Limited (DCBL), a subsidiary of Dalmia Bharat, had opened a demat account with Allied, which later misappropriated securities from the account. DCBL reported the incident to various authorities, including the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE), the National Securities Depository Limited (NSDL), and the Economic Offences Wing (EOW).

The EOW registered a First Information Report (FIR) in 2019, leading to an investigation by the Delhi Police. A chargesheet was filed, indicating that Allied, in collaboration with IL&FS Securities Services Limited (ISSL), criminally misappropriated DCBL’s mutual fund units. SEBI’s investigation confirmed that Allied had fraudulently used Dalmia Group’s securities for its trading activities, resulting in the seizure of Allied’s assets and penalties imposed on both Allied and ISSL.

Furthermore, SFIO Mumbai investigated ILFS and its subsidiary ISSL, filing complaints in a Special Court in Mumbai. The investigation revealed that ISSL provided irregular benefits to Allied, facilitating the misuse of DCBL’s securities. ISSL was found to have failed in enforcing the CM-TM agreement with Allied, allowing fraudulent movement of collaterals.

The Supreme Court intervened, releasing the mutual funds to DCBL in August 2019, a fact duly noted in DCBL’s financial statements. Additionally, a private complaint by Mr. Ramesh Shiledhar, associated with the Bawri Group, led the Ministry of Corporate Affairs to order an SFIO investigation in 2019. The Bawri Group, a shareholder in a Dalmia Bharat subsidiary, is involved in a commercial dispute with DCBL. However, DCBL and its associates have not received any SFIO report.

Dalmia Bharat asserts that the media reports are speculative and motivated, noting that no clarification was sought from the company before publication. The company emphasises its commitment to legal compliance and high standards of corporate governance and transparency.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Dalmia Bharat faces tax demands totalling Rs 1.48 crore for FY 2019-20

Arunika Jain — Thu, 26 Mar 2026 17:39:48 +0000

Dalmia Bharat Limited’s subsidiary, Dalmia Cement (Bharat) Limited (DCBL), has been issued tax demands amounting to ₹1.48 crore for the financial year 2019-20. These demands arise from two separate orders related to the disallowance of Input Tax Credit (ITC) under the Central Goods and Services Tax Act, 2017.

The first order was issued by the Joint Commissioner, Corporate Circle, Varanasi II, Mirzapur, Uttar Pradesh. It involves a demand for tax and penalty, each amounting to ₹21,74,976, along with applicable interest. This order follows adjudication proceedings from a show cause notice concerning the disallowance of ITC for the specified financial year.

The second order came from the Assistant Commissioner of CGST & CX, Division-II Bokaro, Jharkhand. It imposes a tax demand and penalty, each amounting to ₹1,26,94,260, along with interest. This order also stems from adjudication proceedings related to the disallowance of ITC for FY 2019-20.

Despite these demands, DCBL maintains that it has strong grounds to contest the orders and plans to file appeals with the respective Appellate Authorities within the prescribed timelines. The company asserts that the financial impact of these orders is limited to the specified tax, interest, and penalty amounts.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Dalmia Bharat’s subsidiary to acquire 26% stake in Ventora Energy for Rs 4.42 crore

Kinjal — Fri, 20 Mar 2026 13:30:50 +0000

Dalmia Bharat Limited’s wholly owned subsidiary, Dalmia Cement (Bharat) Limited (DCBL), has announced its plans to acquire a 26% stake in Ventora Energy Private Limited. The acquisition, valued at approximately ₹4.42 crore, will be executed in one or more tranches.

The acquisition involves entering into a Share Subscription and Shareholders’ Agreement (SSSHA) and a Power Purchase Agreement (PPA) with Ventora Energy, an SPV of Ultra Mega Power Private Limited. This strategic move aims to source wind power as a captive consumer for a capacity of up to 8.1 MW located in Tamil Nadu.

The acquisition is not classified as a related party transaction, and neither the promoter nor the promoter group companies have any interest in Ventora Energy. The transaction is expected to be completed within three months, subject to customary conditions precedent.

Ventora Energy operates in the power generation sector, specifically focusing on wind power. This acquisition aligns with Dalmia Bharat‘s commitment towards achieving RE 100 by 2030 and becoming carbon negative by 2040.

The acquisition will be executed through a cash consideration, with DCBL acquiring 44,22,600 equity shares of face value ₹10 each at par. Post-acquisition, DCBL will hold a 26% stake in Ventora Energy.

Ventora Energy, incorporated on December 11, 2025, is a Special Purpose Vehicle set up to establish a wind power project on a captive basis in Tamil Nadu. As the company was incorporated in FY 2025-26, turnover details for the last three years are not applicable.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Dalmia Bharat sees alleged proceeds of crime reduced to Rs 92.52 crore by tribunal

Business Desk — Wed, 11 Mar 2026 16:28:25 +0000

Dalmia Bharat has received a favourable ruling from the Appellate Tribunal under the Prevention of Money Laundering Act, 2002, which has significantly reduced the alleged proceeds of crime against its subsidiary, Dalmia Cement (Bharat) Limited, from ₹793.34 crore to ₹92.52 crore.

The tribunal’s decision, dated 9 March 2026 and received on 11 March 2026, partially allows the appeal filed by Dalmia Cement against the Enforcement Directorate’s provisional attachment order. The original order, dated 31 March 2025, had attached land parcels of Dalmia Cement, which will now be adjusted according to the reduced amount.

Dalmia Cement is currently examining the tribunal’s order and, based on legal advice, plans to pursue further legal remedies as it disagrees with the tribunal’s findings regarding the ₹92.52 crore. The company intends to make the necessary applications to the Enforcement Directorate for the release of the attached land parcels or substitution by other securities.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).