Usha Martin moves appellant tribunal against ED attachment order

Usha Martin on Tuesday said it filed an appeal with the Appellant Tribunal against an order related to ED 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 (ED) had passed an order dated August 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 January 10, 2020 issued an order confirming the Provisional Order, which was received by the company on January 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 January 10 with the Appellant Tribunal, PMLA, New Delhi.