MUMBAI: Dalmia Cement (Bharat) has requested the capital markets regulator Securities and Exchange Board of India (Sebi) to intervene and order IL&FS Securities Services (ISSL) to release the defrauded securities worth Rs 344 crore that are lying with it and transfer it to the cement company’s demat account. Tamil Nadu-based Damia Cement (Bharat) said that it is seeking relief from the markets regulator since it has power and jurisdiction under the ‘Depository Act’ to deal with such issues. Dalmia Bharat has alleged that Awanish Mishra , director of Allied Financial Services carried out the fraud by forging details like the postal address, contact details and email addresses in the demat account opening forms of Odisha Cement (OCL) and Dalmia Cement East (DCEL) — two former subsidiaries of Dalmia Cement (Bharat) that were getting merged with it. He had then later forged signatures of authorising officers at the two companies on slips to transfer these securities to his own account. “We never made any requests to Allied for issuing any DIS slips (Delivery Instruction Slips) nor any DIS were ever issued to us by Allied,” said the company in its letter of September 26 to Sebi, a copy of which was reviewed by ET.
The cement maker has informed Sebi that a handwriting expert has confirmed that the signatures on the slips allowing transfer of these securities from the two accounts to the accounts of AFS were all forged and not done by the authorised signatories at the two companies.
Source- Economic Times.