Financial Insights

Asian Paints- A whistle-blower has flagged off related party transactions (RPTs) carried out by the promoters of Asian Paints Ltd.

The whistleblower told SEBI that the money was used to purchase a company called Paladin Paints and Chemicals (PPC) from APL, but its promoters Ashwin Dani and his son Malav now control it in a personal capacity. SEBI asked the complainant for more details.

PPC was formed and was 100 percent owned by Nadkarni before the money went from APL. Why did Danis and his staff participate heavily? Today, PPC has multi-million dollar transactions with APL and related transactions, so it benefits from APL but is controlled by the Dani family. APL shareholders paid for this enrichment ”, stated the complainant.

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