Nava Bharat Ventures updates on Confirmation of Provisional Attachment Order

Issues by Enforcement Directorate

With reference to Confirmation of Provisional Attachment Order of the Enforcement Directorate concerning shares of Nava Bharat Energy India (NBEIL), held by Nava Bharat Projects (NBPL) by the Hon'ble Adjucating Authority and letter of request from Enforcement Directorate for transfer of shares it, Nava Bharat Ventures has updated that :-

Nava Bharat Projects (NBPL), Wholly Owned Subsidiary of the Company, filed appeal before Hon'ble Appellate Tribunal for appropriate relief against the Confirmation Order of the Adjudicating Authority on the aforesaid Provisional Attachment of the shares of Nava Bharat Energy India (NBEIL) held by NBPL and letter of request from Enforcement Directorate for transfer of shares to it.

The Hon'ble Appellate Tribunal was pleased to issue notice in the Appeal as well as the Stay Application. The Honble Appellate Tribunal also directed the parties to maintain Status Quo in respect of shares of NBEIL held by NBPL under attachment, till the next date of hearing i.e. 09 October 2015.

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