ED attaches Usha Martin assets worth Rs 190 crore

Usha Martin, one of the leading wire rope manufacturers in the world, on Saturday said the Enforcement Directorate (ED) has provisionally attached certain immovable properties of the company, valued at approximately Rs 190 crore, pertaining to the wire rope business situated in Ranchi. The ED As per the above mentioned order, the ED has provisionally attached the aforesaid property for a period of 180 days and the company has been directed not to transfer or dispose the property without the consent of the ED, The High Court of Jharkhand at Ranchi, in its order dated 14 February 2012, had held that the Company has the right to sell the iron ore from the iron ore mines as per the terms of the mining lease. As such, the company disagrees with the ED The company said it was seeking advice from its legal counsels and was given to understand that the order did not affect its ongoing operations.