Shyam Metalics Subsidiary Faces Provisional ED Attachment in Coal Probe

Shyam Metalics & Energy Ltd. ( (IN:SHYAMMETL) ) has provided an update.

Shyam Metalics and Energy Ltd. has disclosed that the Enforcement Directorate has issued a provisional attachment order under the Prevention of Money Laundering Act against investments totaling Rs 159.51 crore, of which Rs 152.48 crore pertains to corporate bonds and alternative investment funds held by its wholly owned subsidiary Shyam Sel and Power Ltd. The attachment is linked to an investigation into alleged illegal coal mining and pilferage at Eastern Coalfields Ltd. leases, though the company says investigators have found no linkage with its own operations.

Management emphasized that the attachment is provisional and subject to confirmation by the adjudicating authority, and that it is pursuing appropriate legal remedies in the matter. Shyam Metalics stated there is no impact on the operations of the listed entity or any group company, adding that any potential financial implication would be limited to Rs 152.48 crore, described as marginal at about 1.44% of its consolidated net worth of Rs 10,553 crore as of March 31, 2025.

More about Shyam Metalics & Energy Ltd.

Shyam Metalics and Energy Ltd., based in Kolkata, operates in the metals and energy sector with an integrated portfolio spanning power, ferro alloys, pellets, pig iron, billets, sponge iron, wire rods, TMT and structural steel, aluminium foil, roofing products, stainless steel and ductile iron pipes. The company serves domestic and industrial demand across core infrastructure and manufacturing segments in India through its steel and allied products.

Average Trading Volume: 8,304

Technical Sentiment Signal: Strong Buy

Current Market Cap: 240.4B INR

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