Mack Soft Tech owned Q-City has been granted an interim stay by the Telangana High Court following Enforcement Directorate's (ED) decision to attach its 2.45 lakh square feet of office building space and surrounding land in Hyderabad worth Rs 86.38 crore.ED said the seizure of Mach Soft Tech's assets was done under the provisions of Section 37A of Foreign Exchange Management Act 1999 (FEMA) in lieu of foreign assets illegally held abroad in contravention of Section 4 of FEMA. The tech park is situated in Gachibowli IT corridor in the state capital.
The court has directed ED to file its reply. The new management of Mack Soft under Irish Bank Resolution Corporation (IBRC) had challenged the order of seizure before the court.
Mach Soft Tech said the ED took action of seizing part of the Q-City asset by referencing transactions undertaken between 2012 and 2016 by the previous management under Mecon FZE, the previous owners.
"The new management of Mack Soft is committed to ensuring regulatory compliance and continuity of its business. It will be Mack Soft's endeavour to ensure that Q-City and its tenants continue to enjoy an excellent service in their respective premises," it said in a statement.
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