Dalmia Cement (Bharat) Limited (DCBL), a subsidiary, received a partial victory from the Appellate Tribunal concerning a Provisional Attachment Order. The alleged Proceeds of Crime (PoC), initially quantified at Rs. 793.34 Cr., has been substantially reduced by approximately Rs. 700 Cr. The Tribunal’s final order dated March 9, 2026, reduced the PoC to Rs. 92.52 Cr. DCBL is challenging this remaining amount legally.
Update on Provisional Attachment Order
This announcement serves as a follow-up to previous disclosures regarding the Provisional Attachment Order (PAO) issued against Dalmia Cement (Bharat) Limited (DCBL), a material wholly owned subsidiary. The PAO, originally dated March 31, 2025, was confirmed by the Adjudicating Authority in September 2025, provisionally attaching land parcels of DCBL.
Tribunal’s Final Order and PoC Reduction
DCBL filed an appeal before the Appellate Tribunal under the Prevention of Money Laundering Act (PMLA). The Tribunal issued its final order on March 9, 2026 (received on March 11, 2026), which partially allowed the appeal. Crucially, the Tribunal substantially reduced the quantified Proceeds of Crime (PoC). The original valuation by the Enforcement Directorate (ED) stood at Rs. 793.34 Cr., which has now been reduced by approximately Rs. 700 Cr., settling the current quantification at Rs. 92.52 Cr.
Impact and Next Steps
The reduction in PoC means the extent of attached land parcels requiring release from the ED will be correspondingly minimized. DCBL is directed to apply to the ED for the release of the attached land, potentially through substitution with other security.
However, DCBL currently does not agree with the Tribunal’s findings regarding the remaining Rs. 92.52 Cr. being classified as PoC. Based on legal advice, the company intends to take further steps to pursue appropriate legal remedies challenging this order before the appropriate forum.
Source: BSE
