Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

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

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Dynamic Industries Ltd board to consider divestment of subsidiary

Sonata Software makes Strategic Investment in Retail10X

Karnataka Bank reports Rs. 13.26 crore fraud to RBI

CCL Products India Ltd board declares interim dividend of Rs. 1.75

Sri KPR Industries Ltd board to consider sale of 1.5 MW wind mill unit

Vikas WSP Ltd receives export orders aggregating Rs. 176.84 crore

International Paper APPM Ltd to shut Rajahmundry facility from March 25 to March 30, 2019

Newly launched Domino's Pizza in Bangladesh breaks global record in first week

Sustained water conservation efforts in Suburban Tambaram, Chennai

James Warren Tea Ltd board approves buy back at Rs. 115

Escorts Ltd appoints Mr. Shailendra Agrawal as an Executive Director

EID Parry Ltd to invest Rs. 70 crore in subsidiary

Infosys to enter into agreement with The House Fund II, L P

US FDA completes audit of R&D facility of Aurigene Discovery Technologies Ltd

Jindal Stainless Park Ltd becomes subsidiary of Jindal Stainless Ltd

Raghav Productivity Enhancers bestowed with 'SME - Empowering India Awards 2019'

Tejas Networks appoints two new board of directors

Kallam Textiles Ltd calls for rights issue committee meeting on March 27, 2019

Tata Steel Bsl Ltd allots OCRPS worth Rs. 6700 crore to Tata Steel

Galaxy Surfactants Ltd board to consider interim dividend on March 29, 2019

ICRA reaffirms rating of Deepak Nitrite Ltd

Bharat Gears Ltd board fixes April 3, 2019 as record date for rights issue

Amber Enterprises India Ltd to acquires 80% in Sidwal Refigeration Industries Pvt Ltd

Sukhjit Starch & Chemicals Ltd board to consider allotment of bonus shares on March 30, 2019

EID Parry Ltd declares second interim dividend of Rs. 1

Alkem Laboratories Ltd update on US FDA Inspection at its facility located at St. Louis, USA

Mac Hotels Ltd calls for board meeting on March 29, 2019

Cadila's Pharmaceutical Technology Centre successfully completes USFDA inspection

Zydus receives final approval from the USFDA for Lurasidone Hydrochloride Tablets

Aurionpro wins prestigious order from a leading bank in Singapore

Steelco Gujarat Ltd updates on loan agreement with Costronal Holdings SA

Caplin Steriles gets USFDA approval for Glycopyrrolate Injection

Lupin launches generic Levothyroxine Sodium Tablets USP

Barclays and TCS partner to Help Children with Locomotor Disabilities

Mahindra World City, Jaipur launches eco-friendly bicycle sharing services

GVK Group stake in Mumbai Airport to increase to 74%

Tata Power SED bags Rs 1,200 crore contract from the Ministry of Defence

Woodsvilla Ltd fixes record date for sub-division of equity shares

Alembic Pharma receives USFDA Approval for Azelastine Hydrochloride Ophthalmic Solution, 0.05%

PVR Cinemas launches its 10th multiplex in Telangana

Garden Reach Shipbuilders & Engineers Ltd board to consider interim dividend on March 24, 2019

Jubilant Life Sciences Ltd updates on USFDA inspection at API facility, Nanjangud

MeDirect Bank Belgium, the Online Only Bank, Extends its Product Offerings with Infosys Finacle

Hansard Global Plc Selects SaaS-Based Majesco LifePlus Solutions to Transform their Business

ENIL commences radio station at Asansol

Mac Charles India Ltd seeks shareholders approval for related party transactions

1st Foundation Day of ICT-IOC

Infosys Ltd board to consider Q4, FY19 results on April 11 - 12, 2019

Syngene International wins CMO Leadership Awards presented by Life Science Leader Magazine

Rane Madras Ltd to invest $20 mn in US arm







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019