Home / Business and Economy / ED Attaches ₹159 Cr in Shyam Metalics Probe
ED Attaches ₹159 Cr in Shyam Metalics Probe
17 Apr
Summary
- ED attached ₹159.51 crore in investments linked to coal mining probe.
- ₹152.48 crore pertains to investments in bonds and AIFs.
- Company states no operational impact and limited financial exposure.
The Directorate of Enforcement (ED) has provisionally attached investments totaling ₹159.51 crore associated with Shyam Metalics and Energy Ltd. This move is part of an ongoing investigation into alleged illegal coal mining and pilferage linked to Eastern Coalfields Ltd (ECL).
The attachment, dated April 15, 2026, and received by the company on April 16, 2026, specifically targets ₹152.48 crore in corporate bonds and alternative investment funds held by Shyam Sel and Power Limited, a wholly owned subsidiary. The ED's action falls under the Prevention of Money Laundering Act, 2002, and is subject to confirmation by the Adjudicating Authority.
Shyam Metalics stated that the coal in question was allegedly illegally excavated, but the company found no direct linkage during the investigation. The company is pursuing appropriate legal remedies. It emphasized that the provisional attachment pertains solely to financial investments and does not affect the operations of the listed entity or its group companies.
The financial implications for Shyam Metalics are limited to ₹152.48 crore, which accounts for 1.44% of its consolidated net worth of ₹10,553 crore as of March 31, 2025. The company is cooperating with the authorities and taking necessary steps to address the situation.
