Aditya Birla Capital on Monday said it had received a complaint against its mutual fund arm Aditya Birla Sun Life Asset Management Company (AMC) and its employees but found no merit in them.
“As per the Aditya Birla Group policy, an independent committee was formed to investigate the allegations. The committee did not find any merit in the allegations. There was no allegation whatsoever made against Ajay Srinivasan, by the said employee,” said Aditya Birla Capital said in a statement.
A news report on Monday said a 16-page whistleblower complaint alleging corruption, insider trading and front running at Aditya Birla MF was sent to the board of Aditya Birla Capital. The complaints led to employee exits at the group, the report added.