ED Issues Provisional Attachment Order; Freezes ₹25.08 Crore in Bank Accounts
Electrotherm (India) Limited reports the ED issued a Provisional Attachment Order on September 25, 2026, freezing ₹25.08 Crore in company bank accounts. The ED also attached shares of Mr. Shailesh Bhandari and Mr. Mukesh Bhandari. This is related to an FIR concerning a ₹81.97 Crore loss to Bank of India.
The freezing of substantial bank balances and attachment of promoter shares by the ED can severely impact the company's liquidity, operations, and financial standing, necessitating legal challenges and further disclosures.
The company is facing a provisional attachment order from the Directorate of Enforcement, leading to the freezing of significant bank balances and the attachment of promoter shares. This indicates a serious legal and financial challenge.
Electrotherm (India) Limited has disclosed that the Directorate of Enforcement (ED) has issued a Provisional Attachment Order on September 25, 2026, under Section 5(1) of the Prevention of Money Laundering Act, 2002 (PMLA). This order attaches balances totaling ₹25.08 Crore in two of the company's bank accounts.
In addition to the company's funds, the ED has also attached equity shares held by Promoter & Executive Vice Chairman Mr. Shailesh Bhandari (6,98,275 shares) and Promoter & Ex-Chairman Mr. Mukesh Bhandari (6,59,500 shares). Previously, the ED had frozen ₹34.29 Crore in two company bank accounts and ₹83.18 Lacs in an account belonging to Mr. Shailesh Bhandari. The company had also provided a Fixed Deposit Receipt of ₹3.20 Crore to secure the release of a seized car.
These actions are in connection with proceedings initiated by the ED related to an FIR filed by the CBI based on a complaint from the Bank of India in December 2021, alleging a loss of ₹81.97 Crore to the bank. The company and Mr. Shailesh Bhandari have challenged the freezing of bank accounts and the Enforcement Case Information Report (ECIR) registered by the ED before the Hon'ble Gujarat High Court and the Hon'ble PMLA Appellate Tribunal, New Delhi. These petitions are pending further hearings.
The company is seeking appropriate legal advice to take necessary actions. The details of the disclosure are in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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See the model portfoliosA plain-language summary of a public exchange filing by Electrotherm (India) Limited. Read the original for the full detail.