Dalmia Cement seeks Sebi's help on defrauded securities

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.