Motilal Oswal: UPL – Whistle-Blower Allegations Raise Governance Concerns


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UPL Ltd. hosted a call to clarify the whistle-blower complaint, which alleged that promoter Mr. Jaidev Shroff along with family members have siphoned off money.

In this note, we have highlighted the issues involved, the management’s response to the same, and recent business update. Key highlights are below –

The whistle-blower alleged that UPL entered into rent deals with a shell company (Sadafuli), owned by its employees, and paid crores of rupees in rent for properties held by the latter, which was earlier owned by Mr. Shroff.

As per the media article, according to the lease-and-license agreement in 2002 signed for 66 months, the total cumulative rent, along with the deposit, comes to around Rs 60 million.

Click on the attachment to read the full report:

Motilal Oswal UPL Company Update.pdf

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