Dalmia Bharat receives securities worth Rs. 344 Cr back from IL&FS Securities
Dalmia Bharat Limited founded by Jaidayal Dalmia in 1939, Dalmia cement is one of India’s inventing cement companies. Headquartered in New Delhi the company operates as Dalmia Bharat Ltd which, in turn, is a 100% subsidiary of Dalmia Bharat Ltd.
Moreover, Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian infrastructure development and finance company. IL&FS also has large investments in its own subsidiaries, as well as in the equity market. In September 2018, these amounted to nearly Rs. 10,000 crores. On 8th June 2020, IL&FS has concluded the sale of its stake in GIFT City for 32 crore equity value.
While Cement maker 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.
Moreover, the Mutual fund units of its two erstwhile subsidiaries were earlier. Fraudulently and illegally transferred by Allied Financial Services Pvt Ltd (AFSPL). But in collusion with IL&FS Securities Services Limited (ISSL), Dalmia Bharat said in a regulatory filing.
Securities of DCBL lying with ISSL is releasing in favor of DCBL and crediting back to its Demat account according to the order of the Supreme Court, it said. Earlier on March 16th, 2021, the Supreme Court had modified its previous order of August 2019. And had allowed the release of the securities.
On the other side, the apex court had directed the release of the Mutual fund units of two erstwhile subsidiaries of DCBL which is a subsidiary of the Company, valuing at approx Rs. 344 crore. Whatever, fraudulently and illegally transferred by AFSPL in collusion with IL&FS Securities Services Limited (ISSL) and the same were lying with ISSL, it said.