We have received an order for attachment on bank account from Additional District Judge II, Mr. Harvinder Singh Johal from District and Sessions court, New Delhi, PHC for an amount of Rs. 1,09,09,980 (One Crore Nine Lakhs Nine Thousand Nine Hundred and Eighty) in the matter of Naresh Sarda Vs Patel Roadways Ltd (7EX 175/23).We are disputing the matter in appropriate forum hence there will be no financial impact due to this.
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Patel Integrated Logistics has received an order from the District and Sessions Court, New Delhi, attaching its bank account for Rs. 1,09,09,980 (approximately 1.09 crore) in a case filed by Naresh Sarda against Patel Roadways Ltd. The order was issued by Additional District Judge II, Mr. Harvinder Singh Johal, in case reference 7EX 175/23. The company states it is disputing the matter in the appropriate legal forum and claims there will be no financial impact as a result.
Although the company asserts no financial impact and plans to contest the order, the bank account attachment creates short-term operational uncertainty. Shareholders should watch for updates on the legal challenge, as a failure to obtain relief could affect cash flows and liquidity.