New Delhi [India], Dec 16 (ANI): The Enforcement Directorate (ED) on Saturday attached immovable properties worth Rs 244.89 crore of Balasore Alloys Ltd in lieu of the proportionate share of Pramod Kumar Mittal and Global Steel Holding Ltd (GSHL) in the company, in connection with a case of defrauding the State Trading Corporation (STC).
GSHL availed financing facility for purchase of raw material for their Philippine based steel plants on cash and carry basis. As per the agreement, raw material/goods had to be lifted only upon payments to STC whereas raw material was supplied despite payments not being made.
Investigations have revealed that Mittal and GSHL are holding 30.35 percent of the shareholding of Balasore Alloys Ltd through various Indian as well as foreign promoter and investment companies, and thus have proportionate share of 30.35 percent in the fixed assets of Balasore Alloys Ltd.
Accordingly, proportionate share of Mittal and GSHL in Balasore Alloys Ltd which includes building, plant and machinery of Balasore Alloys Ltd valued at approximately Rs 244.89 crore has been attached in lieu of the proceeds of crime. (ANI)