Kalyani Group Firms Settle SEBI Case Over Fund Misuse Allegations with Rs 4.12 Crore Payment

The Kalyani Group's listed companies, including Kalyani Steels and BF Utilities, settled proceedings with the Securities and Exchange Board of India (SEBI) by paying over Rs 4.12 crore. SEBI's investigation, prompted by a March 2023 National Stock Exchange report, covered 2009-10 to 2021-22 and found misuse and diversion of funds through investments in related parties with nil operations and impaired assets. The settlement addresses allegations of multi-layered investments in potentially indirectly linked entities in India and abroad.