Further intimation regarding restoration application under the provisions of PMLA Act, 2002
Awaiting price reaction for this filing.
Atlas Jewellery India has received a favourable order from the Special Court (PMLA), Ernakulam, dated May 19, 2025, allowing full restoration of its seized business assets and unfreezing of its bank accounts. The company's assets and accounts were originally frozen by the Directorate of Enforcement (DOE) in January 2022, after its name was added to an ECIR linked to alleged fraud by its late promoter. The company has since obtained a series of favourable rulings including dropping of charges by the Chief Judicial Magistrate (Jan 2024), quashing of the ECIR by the Kerala High Court (July 2024), discharge by the Special Court (Aug 2024), and setting aside of the attachment order by the Appellate Tribunal (Sept 2024). The enforcement action had earlier brought operations to a halt, triggered mass resignations of independent directors, closure of all showrooms, and BSE trading suspension from November 2022.
This is a positive step for the company as it regains control of its assets and bank accounts, which could aid in reviving operations. However, the stock remains under BSE trading suspension with compulsory delisting proceedings underway (March 2024), and the company still has no identifiable promoter or functional board, so significant operational recovery challenges remain.