ED Attaches ₹160 Crore from Shyam Metalics Unit in Coal Mining Probe

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AuthorRiya Kapoor|Published at:
ED Attaches ₹160 Crore from Shyam Metalics Unit in Coal Mining Probe
Overview

Shyam Metalics and Energy Ltd announced its subsidiary, Shyam Sel and Power Limited, had investments worth ₹159.51 crore provisionally attached by the Directorate of Enforcement. The action is part of an investigation into illegal coal mining linked to Eastern Coalfields Ltd. The company states no direct link was found and expects minimal operational impact, as the attached amount is a small fraction of its net worth.

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The Enforcement Directorate (ED) has provisionally attached investments totaling ₹159.51 crore belonging to Shyam Sel and Power Limited (SSPL), a wholly owned subsidiary of Shyam Metalics and Energy Ltd (SMEL). This action, effective April 15, 2026, and communicated to the company on April 16, 2026, is part of an ongoing probe into alleged illegal coal mining and pilferage linked to Eastern Coalfields Ltd (ECL).

Attachment Under Money Laundering Act

The attachment order was issued under the Prevention of Money Laundering Act, 2002. It remains valid for 180 days, pending confirmation from the Adjudicating Authority. The attached assets primarily include corporate bonds and alternate investment funds held by SSPL, valued at ₹152.48 crore.

Company Response and Financial Impact

Shyam Metalics clarified that the investigation concerns the alleged purchase of illegally excavated coal from ECL mines by a syndicate. The company emphasized that its internal review found no direct link between SMEL and these illicit activities. SMEL is pursuing all available legal options.

The company stated that operations for the listed entity and its group companies are not expected to be impacted. The financial implications are limited to ₹152.48 crore, which represents just 1.44% of its consolidated net worth of ₹10,553 crore as of March 31, 2025.

Market Performance

Shares of Shyam Metalics and Energy Ltd closed Friday, April 17, 2026, at ₹865.30 on the BSE, a slight increase of ₹2.85, or 0.33%.

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