Electrotherm (India) Limited has provided an update regarding the search conducted by the Directorate of Enforcement (ED). Following an interim order from the Hon'ble Gujarat High Court dated 29th January, 2025, the company challenged the ED's action. The Hon'ble Gujarat High Court, by an order dated 20th January, 2026, permitted the company to approach the authorized officer of ED as per Rule 4(2) of the Prevention of Money Laundering (Taking Possession of attached or forezen properties confirmed by the Adjudicating Authority) Rules, 2013. The company was allowed to provide a fixed deposit receipt (FDR) for ₹3.20 Crores, which represents the depreciated value of the seized car. Accordingly, Electrotherm provided the FDR of ₹3.20 Crores in favor of the ED. Consequently, the ED released the seized car on 04th February, 2026. This update follows previous communications on 17th January, 2025, and 31st January, 2025, regarding the freezing of ₹34.29 Crores in bank accounts of the company and ₹83.18 Lacs in the bank account of Mr. Shailesh Bhandari, Executive Vice Chairman, along with the seizure of a car. A subsequent letter dated 18th June, 2025, informed about the Original Application No. 49 of 2025 filed by ED for retention of these properties, which was allowed by the Adjudicating Authority, PMLA.
