Ramky to appeal against ED attachment

Our Bureau Hyderabad | Updated on March 12, 2018

Ramky Infrastructure Ltd plans to contest attachment of Ramky Pharma City by Enforcement Directorate in the Y.S. Jagan Mohan Reddy disproportionate assets case.

It plans to appeal with the Adjudicating Authority and other forums.

In a statement to the BSE, the company has informed that Ramky Pharma City (India) Ltd, a subsidiary company with 51 per cent holding has received provisional attachment order from Enforcement Directorate on January 9, 2013, for assets/properties to the tune of Rs 133.74 crore.

The attachment covers land and facilities for Rs 130.54 crore and mutual fund of Rs 3.20 crore. A similar communication was made on May 8, 2012, after a chargesheet was filed by the CBI in the Y.S.Jagan Mohan Reddy, President of YSR Congress Party, in his disproportionate assets case.

Further, the company has reiterated that the project of Ramky Pharma City (India) Ltd is being carried out in accordance with the provisions of the Concession Agreement executed with Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC) and after obtaining the requisite approvals and following the due process of law.

The company plans to take up all measures including appealing against this order before the Adjudicating Authority.

Ramky Infra share prices slipped 7.36 per cent to trade at Rs 112 during day’s trade on the BSE.

Published on January 10, 2013

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