New Delhi, Dec. 22 -- Kajaria Bathware on 22 December informed the stock exchanges that it has filed a police complaint against Chief Financial Officer Dilip Kumar Maliwal, and terminated him from the company, for alleged Rs.20 crore worth fraud and embezzlement in a wholly owned subsidiary.

In its filings, the company said its investigations showed that Maliwal committed fraud over the past two years, by way of embezzlement and siphoning of funds of KBPL's wholly owned step-down subsidiary Kerovit Global Private Limited.

The company added that it has filed complaints with the Deputy Commissioner of Police, Economic Offence Wing (EoW) of the Delhi Police, and the Station House Officer, Police Station Badarpur in New Delhi on 18 December...