Fraud/Default/Arrest

Roto Pumps (ROTO) provided an update on a fund embezzlement at its South African step-down subsidiary, Roto Pumps Africa Pty Ltd. An estimated Rs. 6.00 Cr was embezzled by the erstwhile Director, Mr. Ravin Munsook Sewnarain, in collusion with a supplier.

Following an internal investigation and legal advice, a settlement agreement for recovery is being executed.

A legal case against the supplier is also in progress.

The Audit Committee has advised a further forensic investigation into the matter.