Salasar Techno Engineering has reported a provisional attachment order from the Directorate of Enforcement covering assets worth Rs 98.31 crore. The order, issued under the PMLA, covers segments of its Bhilai plant and a solar facility, though the company maintains that daily operations remain unaffected and no charges have been filed against its leadership.
ED Issues Rs 98.31 Crore Provisional Attachment Order Against Salasar Techno Engineering
Total property value attached stands at Rs 98.31 crore; assets impacted include Bhilai plant and solar power facility.
Reader Takeaway: Management reports no impact on day-to-day operations, though assets worth Rs 98.31 crore face regulatory freeze.
What just happened
Salasar Techno Engineering Limited has disclosed the receipt of a Provisional Attachment Order (PAO) from the Enforcement Directorate (ED), dated September 12, 2026. This action, taken under Section 5(1) of the Prevention of Money Laundering Act (PMLA), restricts the company from transferring or disposing of specific immovable properties for 180 days.
Impacted Assets
The attachment encompasses assets with a total market value of Rs 167.99 crore, with Rs 98.31 crore worth of assets specifically under the attachment order. This includes Rs 40.95 crore attributed to the Bhilai Manufacturing Plant and Rs 57.36 crore related to a solar power plant formerly held by EMC Limited.
Management Position
The company has clarified that neither the entity nor its key management personnel—Chairman Mr. Alok Kumar and Managing Director Mr. Shashank Agarwal—have been named as accused in any formal prosecution complaint by the ED. Management confirms they are cooperating with authorities and have submitted all requested documentation.
Operational Impact
Despite the attachment, the company maintains that its routine business operations are continuing without disruption. This event is a follow-up to search proceedings conducted by the ED on April 16, 2025, which were previously disclosed to the exchanges.
Risks to watch
Investors should monitor the 180-day attachment period and any subsequent legal developments. While the company claims no operational impact, regulatory scrutiny under PMLA can introduce long-term uncertainty regarding asset ownership and corporate reputation.