Diamond Power Discharged in CBI and ED PMLA Matters
POWER & RENEWABLE ENERGY

Diamond Power Discharged in CBI and ED PMLA Matters

Diamond Power Infrastructure has been discharged by a special court in Ahmedabad in proceedings under the Prevention of Money Laundering Act, 2002, with the order pronounced on sixth May 2026 and received by the company on seventh May 2026. The decision ends attachments placed by the Enforcement Directorate and related criminal proceedings that had restricted substantial fixed and current assets since 2018. The affected assets include fixed assets valued at approximately Rs 10 billion and receivables around Rs nine bn, including holdings of its subsidiary Diamond Power Transformers Limited.

The discharge follows earlier favourable rulings from the Gujarat High Court and the company notes that the court order relieves an operational and financial overhang that materially constrained business flexibility. The company had sought remedies after a change of management under the Insolvency and Bankruptcy Code and subsequent legal action has sought release of assets so that normal operations could resume. The lifting of embargoes is expected to permit mobilisation of working capital and long term funding against a very large fixed asset base.

Management reports that promoter funding has already supported a turnaround and that judicial clarity should accelerate recovery of pre?NCLT receivables and improve creditor and customer confidence. With improved access to fund based and non?fund based facilities the company plans to increase utilisation of under?utilised manufacturing capacity across plants and business divisions. The company also intends to pursue bank guarantee limits to participate in national, state and international contracts.

Diamond Power says it will prioritise modernisation, debottlenecking and balancing equipment projects to raise production efficiencies and support expansion of ancillary infrastructure. The development is described as reinforcing the clean slate principle available to successful resolution applicants under the Insolvency and Bankruptcy Code and providing momentum for the next phase of growth. With over five decades in the power transmission and distribution sector the company remains focused on long term value creation for stakeholders.

Diamond Power Infrastructure has been discharged by a special court in Ahmedabad in proceedings under the Prevention of Money Laundering Act, 2002, with the order pronounced on sixth May 2026 and received by the company on seventh May 2026. The decision ends attachments placed by the Enforcement Directorate and related criminal proceedings that had restricted substantial fixed and current assets since 2018. The affected assets include fixed assets valued at approximately Rs 10 billion and receivables around Rs nine bn, including holdings of its subsidiary Diamond Power Transformers Limited. The discharge follows earlier favourable rulings from the Gujarat High Court and the company notes that the court order relieves an operational and financial overhang that materially constrained business flexibility. The company had sought remedies after a change of management under the Insolvency and Bankruptcy Code and subsequent legal action has sought release of assets so that normal operations could resume. The lifting of embargoes is expected to permit mobilisation of working capital and long term funding against a very large fixed asset base. Management reports that promoter funding has already supported a turnaround and that judicial clarity should accelerate recovery of pre?NCLT receivables and improve creditor and customer confidence. With improved access to fund based and non?fund based facilities the company plans to increase utilisation of under?utilised manufacturing capacity across plants and business divisions. The company also intends to pursue bank guarantee limits to participate in national, state and international contracts. Diamond Power says it will prioritise modernisation, debottlenecking and balancing equipment projects to raise production efficiencies and support expansion of ancillary infrastructure. The development is described as reinforcing the clean slate principle available to successful resolution applicants under the Insolvency and Bankruptcy Code and providing momentum for the next phase of growth. With over five decades in the power transmission and distribution sector the company remains focused on long term value creation for stakeholders.

Next Story
Infrastructure Urban

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Next Story
Infrastructure Transport

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Next Story
Infrastructure Urban

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

-->