Kajaria Ceramics on 22 December informed the stock exchanges that it had filed a police complaint against Dilip Kumar Maliwal, Chief Financial Officer of its step-down arm, Kajaria Bathware (KBPL), and has terminated his services for an alleged ₹20 crore fraud and embezzlement in KBPL's wholly owned subsidiary.
In its filings, the company said its investigations showed that Maliwal had committed fraud over the past two years by embezzling and siphoning funds from KBPL's wholly owned subsidiary, Kerovit Global Private Limited.
Actions taken by Kajaria Bathware against alleged fraud
The company added that it has filed complaints with the Deputy Commissioner of Police, Economic Offences Wing (EoW) of the Delhi Police, and the Station House Officer, Police Station Badarpur in New Delhi on 18 December 2025.
It said this was done “immediately on unearthing the said fraud, which is under investigation.”
Apart from filing the police complaints, Kajaria Bathware said it has also terminated Maliwal from his post in the company. In the future, the matter “will be put up before the appropriate Committee of the Board of Directors for taking further steps to ensure appropriate safeguards are put in place, so as to avoid such type of incident in future.”
Kajaria Ceramics stock in focus
Notably, shares of Kajaria Ceramics will be in focus as the market opens on Monday, 22 December. The stock is down about 10% this year so far on the BSE compared to an 8% gain in equity benchmark Sensex.
