Kolkata-based Shyam Metalics and Energy Ltd (SMEL) announced on Friday (April 17) that the Directorate of Enforcement (ED) has provisionally attached investments worth ₹159.51 crore in connection with an ongoing investigation into alleged illegal coal mining and pilferage linked to Eastern Coalfields Ltd (ECL). According to reports from CNBC TV18, out of the total amount, ₹152.48 crore pertains to investments in corporate bonds and alternate investment funds held by Shyam Sel and Power Limited (SSPL), a wholly owned subsidiary of the company.
The provisional attachment order dated April 15, 2026, was received by the company via email on April 16, 2026. As reported by CNBC TV18, the attachment has been made under the Prevention of Money Laundering Act, 2002 and will remain applicable for a period of 180 days, subject to confirmation by the Adjudicating Authority. The company stated that the action relates to the alleged purchase of coal illegally excavated from ECL mines by a certain syndicate, adding that no linkage with the company was found during the course of the investigation.
According to reports from CNBC TV18, the company stated that the provisional attachment pertains to financial investments and there is no impact on the operations of the listed entity or its group companies. The company added that financial implications, if any, are limited to ₹152.48 crore, which is 1.44% of its consolidated net worth of ₹10,553 crore as per audited financials as of March 31, 2025. The company is taking appropriate legal recourse in the matter.
Shares of Shyam Metalics and Energy Ltd ended at ₹865.30, up by ₹2.85, or 0.33%, on the BSE on Friday, as reported by CNBC TV18. The market reaction suggests investor confidence remains relatively stable despite the regulatory action involving the company's subsidiary.
