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’s provisional attachment of the properties was in connection with the sale of iron ore extracted from the iron ore mines situated in Jharkhand which had been allotted for captive usage by the Kolkata-based company. “The Directorate of Enforcement, Patna has issued an order dated 9 August 2019, which was received by the company on 16 August 2019, for provisional attachment of certain immovable properties of the company valued at approximately `190 crore pertaining to the wire rope business situated at Ranchi. 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,” Usha Martin said in a stock exchange filing.

“The order is passed against the company in connection with sale of iron ore extracted from the iron ore mines situated at Ghatkuri, West Singhbhum, Jharkhand which were allotted for captive usage by the company. 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’s order and will take appropriate legal action to contest the same,” the filing added.

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.