ED attaches ₹98.31 Cr of Salasar's plant assets for 180 days; company says business continues as normal

After market hours on September 15, Salasar Techno Engineering told the exchanges it had received a Provisional Attachment Order from the Directorate of Enforcement under Section 5(1) of the Prevention of Money Laundering Act, 2002. The order, dated September 12, provisionally attaches immovable properties of the company worth ₹98,31,25,000 — i.e. ₹98.31 crore — for 180 days. Against a market capitalisation of roughly ₹846 crore (174.80 crore shares at the ₹4.84 close), that is about 11.6% of the company's market value placed under restriction.

The disclosure is explicitly a continuation of an earlier one: on April 17, 2025 the company had disclosed ED search proceedings conducted on April 16, 2025 at the residential premises of Chairman Alok Kumar and Managing Director Shashank Agarwal. Seventeen months later, that matter has produced an attachment order on company property. The filing describes the alleged violation only as a contravention of Section 5(1) of the PMLA, and records that both directors have extended full cooperation and provided the information, documents and clarifications sought.

One detail worth noticing in the table: the larger of the two attached assets is not a legacy Salasar property. The Naini solar plant belonged to erstwhile EMC Limited, which Salasar had acquired for ₹178 crore and held as a wholly owned subsidiary, with the NCLT scheme's Appointed Date of October 23, 2024. EMC was formally amalgamated into Salasar effective July 22, 2026 — a legal merger of an asset that had already been inside the Salasar group for well over a year, not a fresh acquisition ahead of the ED order dated September 12, 2026.

The sequencing matters. The filing reached the exchanges at 19:54 IST on September 15 — after the close — so nothing in that day's trading was a reaction to it. Yet that same session the stock printed its 52-week adjusted low of ₹4.72 and closed at ₹4.78, capping a slide that began in early September: on September 3 the stock fell 10.1% (₹5.65 to ₹5.08) on 4.0 crore shares, its heaviest volume of the period. The company's exchange filings around those dates were routine — newspaper publications, the FY26 annual report, the AGM notice — none of which references the decline, so the pack offers no filing-based explanation for it. The first session after the ED disclosure, September 16, closed up 1.3% at ₹4.84 on light volume of about 18.7 lakh shares. The measurable market reaction to the order, so far, is close to nil — against a stock already down 56% from its October 2025 adjusted high of ₹10.99.

Scale is the context for the ₹98.31 crore figure. Consolidated revenue in the latest quarter (Q1 FY27) was ₹295.54 crore, but net profit was just ₹5.14 crore, with interest expense of ₹15.24 crore eating most of the operating cushion — pre-tax profit was ₹3.65 crore. Q4 FY26 swung to a consolidated net loss of ₹13.67 crore. The attached value is thus roughly nineteen times the latest quarter's profit, even if it is only a third of one quarter's revenue. Separately, the shareholding pattern shows promoter holding fell from 47.24% (82.57 crore shares) as of March 31, 2026 to 44.50% (77.78 crore shares) as of June 30, 2026, while FII holdings rose from 8.68 crore to 10.31 crore shares over the same period — the filings in hand do not state the mechanics of that change.