Zuari Agro Chemicals Ltd
ZUARI
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
SEBI settlement (2025): Rs 1.2 crore (~USD $144k) for accounting misrepresentation; settles multiple SEBI enforcement cases
Zuari Agro Chemicals Ltd is excluded due to its involvement in activities within occupied territories. The company's supplier farms, which source materials for its agrochemical operations, were documented as not being fully remediated for their involvement in the construction of Israeli settlements in occupied Palestine as recently as 2019. This supply chain linkage constitutes material support for settlement activity, which is illegal under international law.
While the specific scale or revenue percentage tied to these sourcing practices is not detailed in the available public evidence, the company's connection to settlement construction through its supply chain establishes a clear link to the ongoing occupation. This record is based on a 2019 engagement report cited by AFSC Investigate; more current, detailed disclosures from the company regarding its supply chain due diligence and any subsequent remediation efforts are not publicly available.
Research Sources
2 organizations
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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