On Friday, Dalmia Bharat Ltd said that IL&FS Securities Services had produced securities worth Rs 344 crore in response to an order from the high judge of its arm’s Demat account. “Fraud and illegal transfer of mutual fund units” from its former two subsidiaries” in collaboration with IL&FS Securities Services Limitable (ISSL), Allied Financial Services Pvt Ltd (AFSPL),” Dalmia Bharat said in an official registration file.
The two companies owned by Dalmia Bharat’s retirement company Dalmia Cement (Bharat) Limited (DCBL). ‘We are currently further updating the issuance of the DCBL Securities lying with ISSL in favour of the DCBL and the return of the credit to its Demat account, under that order,’ said the firm.
Earlier, on March 16, 2021, the Supreme Court amended its previous order from August 2019 and required the securities to be issued.
The High Court ordered the dismissal of the “Units of mutual funds belonging to two former subsidiary companies of the company DCBL. These funds were priced at about Rs 344 crore (Securities), which, in cooperation with IL&FS Securities Services Limited (ISSL), were transferred fraudulently and illegally by AFSPL and which are lying with ISSL,” according to the order.