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ED takes physical possession of Bharathi Cement assets
The Enforcement Directorate (ED) on Saturday took physical possession of moveable assets worth Rs 177 crore related to Bharathi Cement after the Adjudicating Authority confirmed the provisional attachment made in June this year.
​Hyderabad: The Enforcement Directorate (ED) on Saturday took physical possession of moveable assets worth Rs 177 crore related to Bharathi Cement after the Adjudicating Authority confirmed the provisional attachment made in June this year.
It may be recalled the ED has made a provisional attachment of properties worth Rs 749.10 crore belonging to Bharathi Cement. The provisional attachment was to be confirmed by the Adjudicating Authority after hearing the prosecution and the defence.
In this backdrop, the Adjudicating Authority has recently confirmed the provisional attachment order. Consequently, the ED transferred the cash deposits worth Rs 177 crore – Rs 153 crore in Hyderabad banks and Rs 22 crore in Bengaluru banks – to its account.
