The Hon''ble Adjudicating Authority, vide Order dated 25.03.2025 has confirmed the Provisional Attachment Order No. 15/2024 dated 14.10.24 issued by the Directorate of Enforcement, Hyderabad ....
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The Adjudicating Authority, via order dated 25.03.2025, confirmed the Provisional Attachment Order No. 15/2024 (dated 14.10.2024) issued by the Enforcement Directorate (ED), Hyderabad against Mr. Manoj Kumar Jain, the Promoter of the company. The order attaches movable properties, specifically 13,66,607 shares of F Mec International Financial Services Ltd itself held with Arch Finance Ltd, and declares them as 'proceeds of crime' under Section 2(l)(u) of the Prevention of Money Laundering Act (PMLA), 2002. The total value of the attached shares is approximately Rs. 13.67 lakh. The promoter intimated the company about this development on 17.04.2025. The company has clarified that this action pertains solely to the promoter's personal assets and has no impact on the financials or operations of the company.
The company states there is no impact on its financial position or operations since the matter involves only the promoter's personal shareholding. However, governance and reputation risks remain for the listed entity given the money laundering finding against its promoter.