Hyderabad: Mack Soft-owned Q-City was granted an interim stay by the High Court for the State of Telangana reference the Enforcement Directorate’s (ED) decision to attach Mack Soft-owned Q-City for alleged FEMA violation. The court has directed the Enforcement Directorate to file its reply.
The new management of Mack Soft under Irish Bank Resolution Corporation (IBRC), an Irish Government controlled bank, had challenged the order of seizure before the High Court for the State of Telangana. On July 31, only months after the IBRC management took over the affairs of Mack Soft, the ED, took an action of seizing part of the Q-City asset of Mack Soft, by referencing transactions undertaken between 2012 and 2016 by the previous management under Mecon FZE, the previous owners.
“The new management of Mack Soft is committed to ensuring regulatory compliance and continuity of its business. It will be Mack Soft’s endeavour to ensure that Q-City and its tenants continue to enjoy an excellent service in their respective premises,” it said in a press statement.