PMLA court approves restoration of ₹952-cr property
A special court has ordered that ₹952 crore worth of Vadraj Cement's assets, which were frozen in a major money laundering probe linked to IL&FS, be returned.
These assets were seized back in 2020 after investigators found they were tied to fraudulent loans from IL&FS Financial Services.
The move comes after a lengthy investigation and legal process and marks a big step forward in the case.
Nuvoco's plan to save Vadraj Cement
Nuvoco Vistas Corporation, part of the Nirma Group, stepped up with a plan to save Vadraj Cement—promising an upfront payment of ₹1,706 crore to creditors.
With the Enforcement Directorate giving its go-ahead and the court's approval, Nuvoco can now take over the assets, pay off banks and lenders, and work on bringing Vadraj Cement back on track.
The ED will make an inventory before officially handing things over.