The Enforcement Directorate (ED) has attached 33.31 lakh shares, or 9.21% of Nova Iron & Steel, valued at ₹4.19 crore. This action is linked to investigations into Bhushan Power & Steel Ltd.
Nova Iron & Steel Faces ED Share Attachment
Nova Iron & Steel Ltd has reported that the Directorate of Enforcement (ED) has issued a Provisional Attachment Order (PAO No. 21/2026) on August 07, 2026.What just happened
The ED has attached 33,31,000 shares of Nova Iron & Steel Ltd, representing a 9.21% equity stake.Why this matters
This attachment, valued at ₹4.19 crore, is a significant regulatory action impacting a substantial portion of the company's shareholding, potentially affecting promoter control and future corporate actions.The backstory
The attachment is part of the ED's ongoing investigation into legacy issues of Bhushan Power & Steel Ltd (BPSL). The shares belonged to M/s Aromatic Steel Private Limited, identified by the ED as a group entity beneficially owned by the former management of BPSL, linked to fund diversion under the Prevention of Money Laundering Act (PMLA).Management Response
Nova Iron & Steel Ltd is reviewing the order and plans to contest it in legal forums to protect its interests. Management stated the order does not materially impact daily business operations.Risks to watch
Investors should monitor the company's legal challenges against the ED's order and any further regulatory developments stemming from the PMLA probe.Context metrics (time-bound)
Value of Attached Shares: ₹4.19 crore (as of August 07, 2026). Shares Attached: 33,31,000. Shareholding Attached: 9.21%. Order Date: August 07, 2026. Authority: Directorate of Enforcement.
