Electrotherm (India) Limited has received interim relief from the Hon’ble Gujarat High Court following enforcement actions taken by the Directorate of Enforcement (ED) during a search conducted on January 10, 2025. As per the court’s order dated January 29, 2025, the company is permitted to access and operate bank accounts holding funds beyond the ₹33.67 crore amount previously frozen by the ED.
Additionally, Mr. Shailesh Bhandari, the company’s Executive Vice Chairman, has been granted permission to operate accounts with amounts exceeding ₹83.18 lakh, which had also been previously frozen. These developments follow separate writ petitions filed by the company and Mr. Bhandari challenging ED’s actions.
Both writ petitions are scheduled for further hearings before the Hon’ble Gujarat High Court. Electrotherm has communicated this update to BSE and NSE to maintain transparency regarding the ongoing legal proceedings.
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