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Odisha Cement Ltd updates on Mutual Funds transfer fraud

Posted On: 2019-03-07 07:41:33

Odisha Cement Ltd had earlier announced about the illegal and unauthorised transfer by Allied Financial Services Pvt Ltd ("Allied") of Mutual Fund units ("Securities") of our two erstwhile subsidiaries viz. OCL India Limited ("OCL") and Dalmia Cement East Limited ("DCEL").

The company has said that certain sections of the media have improperly reported the incident and in order to avoid any confusion which may get created by such reporting, we wish to bring to your notice that we have never authorised Allied to transfer, use or pledge these Securities, in any manner whatsoever, as margin or otherwise, for the benefit of any person or entity, at any point in time.

The fact is that Allied has fraudulently transferred these Securities without our consent, knowledge or mandate.

Regarding media reports about Cointribe Technologies Pvt Ltd. which has Mr Jayesh Doshi as a common director, we have been informed that whatever amount have been received in their account, is legal and valid based on capital investments made by them and they have the relevant supporting documents for the same.

A mere commonality of director, employee, or authorised person, does not mean that OCL or DCEL had any such relationship with any of its affiliates, as suggested / insinuated in some media reports.

We would like to state that any trading / broking arrangements with Allied of any of our affiliate entities are separate and independent and have no connection whatsoever with the accounts of OCL and DCEL, which were only Demat accounts and not trading or broking accounts.

The regulatory authorities are already seized of the matter and we trust that the same would be resolved expeditiously.

Shares of Odisha Cement Ltd was last trading in BSE at Rs.1178.2 as compared to the previous close of Rs. 1185.65. The total number of shares traded during the day was 1326 in over 112 trades.

The stock hit an intraday high of Rs. 1200 and intraday low of 1170.3. The net turnover during the day was Rs. 1579388.

Source: Equity Bulls

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