Electrotherm (India) Limited — Others, 18-06-2025: Action(s) taken or orders passed

Electrotherm (India) Limited has announced that the Adjudicating Authority under the Prevention of Money Laundering Act has allowed the Directorate of Enforcement to retain frozen bank balances of Rs. 34.29 Cr and seized vehicles for further investigation. This follows a CBI-registered FIR based on a complaint by Bank of India alleging a loss of Rs. 81.97 Cr linked to loan assignments. The company and its Executive Vice Chairman have challenged the FIR and ED’s case in the Gujarat High Court, with hearings ongoing. The frozen funds impact liquidity, and the situation remains under judicial review.