Balasore no assets seized; Indian ferroalloys mess

Balasore Alloys send this communication to the Bombay Stock Exchange: This is in reference to the news item in the media /Social media twitter ‘ED attaches assets worth Rs. 244.89 Crore of M/s Balasore Alloys Ltd, Orissa under PMLA in a case of defrauding STC by M/s Global Steel Holding Ltd of Pramod Kumar Mittal.’

We wish to clarify that we have not received any communication from Enforcement Directorate on the matter stated above. No asset of our company have been attached by Enforcement Directorate.

Further, we wish to inform that we had clarified the matter vide our letter no Ref/BAL/SEC/2017 dated May 05, 2017.

However, one analyst said that all ferroalloy producers in India, with the exception of Tata and IMFA, are in the same boat. While money laundering is down to a great extent, defaulters for not retiring the debt and relevant interest is still quite common.

“No problem,” one noted. “Business keeps on going and will continue to do so.”


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