Usha Martin Moves Appellate Tribunal Against Enforcement Directorate Attachment Order
A heated steel slab passes through a machine. (Photographer: Cole Burston/Bloomberg)

Usha Martin Moves Appellate Tribunal Against Enforcement Directorate Attachment Order

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Usha Martin on Tuesday said it filed an appeal with the Appellate Tribunal against an order related to Enforcement Directorate attaching Rs 190 crore worth of immovable assets of its wire ropes business at Ranchi.

In August last year, Usha Martin had informed stock exchanges that the Directorate of Enforcement, Patna had passed an order dated Aug. 9, 2019 for provisional attachment of certain immovable properties of the company valued at about Rs 190 crore pertaining to the wire rope business situated at Ranchi.

"The Adjudicating Authority on Jan. 10, 2020 issued an order confirming the Provisional Order, which was received by the company on Jan. 20, 2020," Usha Martin said in a regulatory filing on Tuesday.

It added that the company has filed an appeal against the order passed on Jan. 10 with the Appellate Tribunal, PMLA, New Delhi.

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