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Real estate developer Sobha Ltd. on Wednesday said that the Enforcement Directorate has attached certain land assets in Kerala worth ₹201.6 crore provisionally.
The order comes in after the Enforcement Directorate (ED) had conducted an inquiry regarding allotment of certain plots being development pursuant to a joint development arrangement with certain landowners in Gurugram in 2008.
“The Company has been appropriately disclosing about this matter from time to time in the financial results/statements. During the period of inquiry, the Company has cooperated with the authorities to the fullest extent,” noted Sobha in its regulatory filing.
The agency has attached certain land assets of the company in Kerala valued at Rs. 201.60 crores .
The Bengaluru-headquartered real estate company in its regulatory filing clarified that at present, it has no plans to develop the land parcels in question. Therefore, the provisional attachment will have no short or medium-term impact on the company’s operations.
“It may be kindly noted that the Company currently has no plans to develop these lands. Hence, the said provisional attachment has no short or medium term impact on the Company’s operations. The Company believes that there has been no wrongdoing from its side and hence, is confident of obtaining a favourable outcome through appropriate legal recourse,” said Sobha in the regulatory filing.
The company’s net profit in quarter ended September 2022 declined by 70 percent to ₹19.2 crore from ₹63.1 crore in the same period a year ago, while revenue from operations declined 15 percent from last year to ₹667.3 crore.
Shares of the company declined 5.5 percent at ₹633.55 on BSE.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
