Date: 26th September, 2026
Regulatory & Legal Disclosures
Enforcement Directorate Actions
Directorate of Enforcement, Zonal Office, Ahmedabad (ED) issued a Provisional Attachment Order under Section 5(1) of the Prevention of Money-Laundering Act, 2002 (PMLA) on 25th September, 2026.
Assets Attached/Frozen
Bank Accounts:
- New attachment: ₹25.08 Crore frozen from 2 bank accounts of the Company
- Previous freezes: ₹34.29 Crore already frozen from two bank accounts of the Company
- Total company bank freezes: ₹59.37 Crore
Promoter Shareholdings:
- Mr. Shailesh Bhandari (Promoter & Executive Vice Chairman): 6,98,275 equity shares attached
- Mr. Mukesh Bhandari (Promoter & Ex-Chairman): 6,59,500 equity shares attached
- Total promoter shares attached: 1,357,775 equity shares
Other Assets:
- Fixed Deposit Receipt of ₹3.20 Crore provided to release seized car
- Mr. Shailesh Bhandari's personal bank account: ₹83.18 Lacs previously frozen
Legal Proceedings
- Company and Mr. Shailesh Bhandari have challenged freezing of bank accounts before Hon'ble Gujarat High Court / Hon'ble PMLA Appellate Tribunal, New Delhi
- Quashing of Enforcement Case Information Report (ECIR) registered by ED challenged before Hon'ble Gujarat High Court
- All legal proceedings are pending for further hearings
- ED has filed complaint under Section 44(1)(b) read with Section 45(1) of PMLA before Hon'ble Special Court for PMLA Cases at Ahmedabad
- Notices issued under Section 233 of the Bharatiya Nagarik Suraksha Sanhita 2023 (BNSS) for hearing on cognizance
Company Response
- The Company is in process to seek appropriate legal advice for taking necessary action
- The Company shall continue to make appropriate disclosures to stock exchanges in accordance with SEBI LODR Regulations
Historical Context
This disclosure references previous communications dated: 17th January, 2025; 31st January, 2025; 18th June, 2025; 5th February, 2026; and 4th August, 2026 regarding the ED search and related proceedings.