Electrotherm (India) Limited — Others, 17-01-2025: Action(s) initiated or orders passed

Electrotherm (India) Limited has confirmed that the Directorate of Enforcement (ED) conducted a search at its corporate office and the residence of Executive Vice Chairman Shailesh Bhandari, resulting in the freezing of approximately Rs. 33 Crore in 39 bank accounts as part of an investigation under the Prevention of Money Laundering Act. The actions are linked to an FIR regarding an alleged loss of Rs. 81.97 Crore to the Bank of India. This development raises concerns over liquidity and governance, potentially impacting investor sentiment. The company is pursuing legal avenues to contest the ED's actions, which may introduce further volatility.