Kajaria Ceramics Ltd

🚨 Kajaria Ceramics Uncovers ₹20 Crore Vendor Fraud in Subsidiary

- Fraud detected during migration to automated vendor system under 'Kajaria 2.0' initiative

- Fake vendor created by employee with forged approvals; siphoned funds over 4-5 months

- ₹60 lakhs recovered; police complaint filed (full recovery uncertain)

- 'Operation Manthan' implemented: annualized savings of ₹150Cr from cost optimization

- Subsidiary Kerovit Global is minor (₹400Cr revenue, 4% margins last year)

- Fraud amount to be treated as exceptional expenditure in financials

- New vendor portal being rolled out across all subsidiaries

- Company emphasizes strong fundamentals and governance improvements