Vibhoar Agrawal’s Rs 11.88 crore stake attachment remains unresolved

Oct 09, 2026•3 min read

Ravita Engineering Services Ltd.

RESL

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Vibhoar Agrawal’s Rs 11.88 crore shareholding in Ganesh Infraworld Limited was provisionally attached on March 30, 2026 after the Directorate of Enforcement alleged equivalent wrongful input tax credit use. Ganesh Infraworld denied the allegation on April 13, 2026, while no later communication from the Adjudication Authority, New Delhi, was disclosed.

What did the Rs 11.88 crore stake attachment cover?

The Directorate of Enforcement, or ED, provisionally attached Agrawal’s Rs 11.88 crore shareholding in Ganesh Infraworld on March 30, 2026. The prospectus identifies Ganesh Infraworld as a promoter group entity and identifies Agrawal as its promoter and director. The disclosed attachment concerns his holding in Ganesh Infraworld, not shares in Ravita Engineering Services Limited.

ED’s action followed a physical search of Ganesh Infraworld’s premises on January 20, 2026. The prospectus does not disclose the number of shares attached, Agrawal’s percentage holding in Ganesh Infraworld, or that entity’s total share capital. Rs 11.88 crore therefore represents the disclosed value of the attached holding rather than the proportion of Ganesh Infraworld it represents.

The prospectus places the matter under criminal proceedings involving Ravita Engineering’s promoters. It also states that Agrawal’s involvement is limited to his capacity as a promoter and director of Ganesh Infraworld. Apart from this disclosed case, the prospectus reports no other outstanding criminal proceedings against the promoters, no outstanding civil proceedings against them, and no Securities and Exchange Board of India or stock-exchange disciplinary action against them in the preceding five financial years.

What does ED allege about the Rs 11.88 crore ITC?

ED alleges that Ganesh Infraworld transacted with several entities connected with M/s Siddhi Vinayak Trade Merchants, which the prospectus describes as a shell entity. ED further alleges that Ganesh Infraworld was indirectly involved with Siddhi Vinayak Trade Merchants and availed and utilised input tax credit, or ITC, of Rs 11.88 crore. ITC is credit that may be claimed against goods and services tax liabilities for tax paid on eligible business inputs.

According to the prospectus, ED says the alleged ITC use caused a wrongful loss of Rs 11.88 crore to the Government exchequer. Ganesh Infraworld has been accused of money laundering under Section 3 read with Section 70 of the Prevention of Money Laundering Act, 2002. The disclosure reports an allegation and a provisional attachment, rather than a final adjudication, conviction, penalty or recovery.

The alleged ITC amount and the value of Agrawal’s attached shareholding are both Rs 11.88 crore. That equality does not establish a final liability because the order is described as provisional, and the prospectus records no subsequent communication from the Adjudication Authority, New Delhi. A final consequence for the holding or the allegation would require a further action in the disclosed process.

How did Ganesh Infraworld respond to ED’s case?

Ganesh Infraworld denied all allegations in its April 13, 2026 reply to ED. It said it had never known of Siddhi Vinayak Trade Merchants and had never conducted business with that entity. The reply directly contests ED’s allegation of indirect involvement through transactions connected to the alleged shell entity.

On May 20, 2026, Ganesh Infraworld received an email from National Securities Depository Limited, or NSDL, stating that an International Securities Identification Number, or ISIN, level freeze for debits and credits had been removed. An ISIN is the identifier used for a security in India’s depository system. NSDL’s communication referred to directions described as “PIT Period Over” and an ED corrigendum order dated April 6, 2026.

The May 20, 2026 removal of the ISIN-level freeze is not described as a withdrawal of the March 30, 2026 provisional attachment. Ganesh Infraworld said it had received no further communication from the Adjudication Authority, New Delhi. The disclosure therefore distinguishes a depository-level operational change from a final decision on ED’s attachment or allegations.

What does the proceeding mean for Ravita Engineering?

The proceeding is not disclosed as a criminal case against Ravita Engineering. Ravita Engineering states that it had no outstanding criminal litigation proceedings against it as of the red herring prospectus date. The matter appears in the promoter-litigation section because Agrawal is a promoter of Ravita Engineering and a promoter and director of Ganesh Infraworld.

Ravita Engineering’s litigation policy sets a materiality threshold at the lowest of 2% of turnover, 2% of net worth, and 5% of average absolute profit or loss after tax for the previous three audited financial years. The company disclosed the resulting lowest threshold as Rs 68.13 lakh. The Rs 11.88 crore attached holding is a separate measure, being the disclosed value of a promoter’s stake in a group entity rather than a payment obligation of Ravita Engineering.

Ravita Engineering separately disclosed a Rs 110.68 lakh civil claim by M/s SKS Infrastructure Projects, filed on June 16, 2023 over alleged additional workforce payments on the Versova Bandra Sea Link project. The company said the case was at the arguments stage at its last disclosed hearing on September 23, 2026. It also disclosed a goods and services tax show-cause notice seeking Rs 214.62 lakh for financial years 2019-20 through 2023-24, while its tax-proceedings table lists two indirect-tax claims totalling Rs 446.66 lakh, excluding interest.

Conclusion

Agrawal’s disclosed exposure centres on the provisional attachment of a Rs 11.88 crore stake in Ganesh Infraworld after ED alleged wrongful ITC use of the same amount. Ganesh Infraworld disputes knowledge of and dealings with Siddhi Vinayak Trade Merchants, while Ravita Engineering distinguishes the promoter group entity proceeding from its own civil and tax disclosures.

The next disclosed development to watch is any communication from the Adjudication Authority, New Delhi, because Ganesh Infraworld reported none after NSDL removed the ISIN-level freeze on May 20, 2026. The prospectus does not disclose a final outcome on the March 30, 2026 provisional attachment or the money-laundering allegation.

Frequently Asked Questions

ED alleged that Ganesh Infraworld was indirectly involved with entities connected to M/s Siddhi Vinayak Trade Merchants and wrongfully availed and utilised Rs 11.88 crore of ITC. The prospectus says Agrawal’s Rs 11.88 crore holding in Ganesh Infraworld was provisionally attached on March 30, 2026. It does not disclose a final adjudication or conviction.

Ganesh Infraworld denied all allegations in its April 13, 2026 reply to ED. It said it had never known of Siddhi Vinayak Trade Merchants and had never done business with that entity. The prospectus does not disclose a final authority decision after that reply.

The prospectus does not describe the ED proceeding as a criminal case against Ravita Engineering. It states that Ravita Engineering had no outstanding criminal litigation proceedings against it as of the prospectus date. Agrawal is included because he is a promoter of Ravita Engineering and a promoter and director of Ganesh Infraworld.

NSDL removed the ISIN-level freeze for debits and credits on May 20, 2026. The prospectus does not say that this removed the March 30, 2026 provisional attachment of Agrawal’s Rs 11.88 crore holding. Ganesh Infraworld also said it had received no further communication from the Adjudication Authority, New Delhi.

Ravita Engineering discloses a Rs 110.68 lakh civil claim by M/s SKS Infrastructure Projects and says it is contesting the matter. It also discloses a Rs 214.62 lakh goods and services tax show-cause demand for financial years 2019-20 through 2023-24. Its tax-proceedings table lists two indirect-tax claims totalling Rs 446.66 lakh, excluding interest.