Shyam Metalics arm faces ED attachment of ₹160 crore investments in coal probe

Kolkata-based Shyam Metalics and Energy Ltd (SMEL) on Friday (April 17) said 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).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.

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.Also Read: Shyam Metalics’ stainless steel volumes rise 59%, Pellet volumes up 44.3% | Q4 updateThe company said 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. It is taking appropriate legal recourse in the matter.

Shyam Metalics 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.

Also Read: Shyam Metalics stainless steel volumes rise 19% in December, decline 10% in Q3 sequentially

Shares of Shyam Metalics and Energy Ltd ended at ₹865.30, up by ₹2.85, or 0.33%, on the BSE.