Kalyani Group firms settle with SEBI over alleged misuse, diversion of funds
The Hindu
₹4.12 crore was accepted by SEBI as the settlement amount. KSL, BFUL and Puranik remitted the settlement amount on February 12
The Securities and Exchange Board of India (SEBI) said three Kalyani Group companies including Kalyani Steels, have settled with it by paying ₹4.12 crore.
The companies were investigated for misuse and diversion of funds to various group companies which later impaired the funds.
The SEBI investigated into the cases after receiving an examination report dated March 20, 2023 from National Stock Exchange (NSE) in respect of Kalyani Group companies.
“The said examination report observed three listed companies of Kalyani Group made investments in various promoter group companies having ‘nil’ operations, negative net worth and impaired these investments either in the same year or within two to three years of making these investments,” SEBI said in the settlement order.
“NSE further observed that the utilization of the funds received by the investee companies also appeared suspicious, as there were multi-layered investments by these companies in Potentially Indirectly Linked Entities (PILE) situated in India or abroad in the name of various projects,” the order stated.
SEBI said it conducted an investigation into investments, loans and advances made by Kalyani Steels to related companies, including BF Utilities Ltd. It was a case of misuse and diversion of funds. The period of investigation was 2009-10 to 2021-22.
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