Key Event
The company received a Provisional Attachment Order (PAO) dated September 12, 2026 from the Directorate of Enforcement under Section 5(1) of the Prevention of Money Laundering Act, 2002 (PMLA) on September 15, 2026.
Attachment Details
The order provisionally attaches certain immovable properties of the company with an aggregate value of ₹98,31,25,000 (Rupees Ninety-Eight Crore Thirty-One Lakh Twenty-Five Thousand) for a period of 180 days. The attachment restricts transfer, disposition, removal or dealing with these properties during this period.
Specific Properties Attached
- Bhilai manufacturing plant: Located at Mouza chhaoni, Tehsil & Distt. Durg, Chhattisgarh. Property value: ₹66,46,60,000. Attachment value: ₹40,95,00,000
- Solar Power Plant (formerly owned by EMC Limited, merged with Salasar effective July 22, 2026): Located at Village Naini, Tehsil Karchana, Distt. Prayagraj, UP. Property value: ₹101,53,20,000. Attachment value: ₹57,36,25,000
- Total property value: ₹167,99,80,000
- Total attachment value: ₹98,31,25,000
Legal Status
The company clarifies that neither the company nor its directors (Mr. Alok Kumar, Chairman and Mr. Shashank Agarwal, Managing Director) have been summoned or named as accused in the prosecution complaint filed by the ED in connection with these proceedings under PMLA. The directors have extended full cooperation during the proceedings and provided all requested information, documents and clarifications to the authorities.
Business Impact
The company states that the provisional attachment order is not likely to result in disruption to the company's business operations. The company continues to conduct its business in the normal course.
Additional Information
The disclosure includes Annexure-A providing details as required under sub-para (19) of Para A of Part A of Schedule III to Regulation 30 of SEBI LODR Regulations. The company maintains its commitment to compliance and transparency and will continue to cooperate with concerned authorities.