A single bench of Calcutta High Court has restrained Kesoram Industries Ltd from creating any third party interest on its assets to the extent of Rs 129.41 crore.

Justice Moushumi Bhattacharya has also directed the appointment of two special officers for preparing accounts of profits and losses of the two cement manufacturing units belonging to the company at Gulbarga and Karimnagar in the state of Karnataka and Telangana, respectively.

The order, passed on Tuesday, follows an execution petition filed by Mintech Global in relation to an arbitration award received by it. Mintech had received the award from a three-member arbitral tribunal on March 20, 2023.

Since Kesoram had not sought a stay on the award, Mintech went ahead and filed an application to seek enforcement of the award. The commercial dispute follows an agreement signed between Kesoram and Mintech in 2016 about setting up three units related to the cement business.

“Two special officers are appointed for making accounts of the daily sale proceeds of the two units and deposit the profit in a separate bank account which shall be maintained with the special officers until further orders are passed by this court,” Sirsanya Bandopadhyay, advocate for Mintech, said.

Sources in Kesoram said the company has filed an appeal before the Calcutta High Court. “The company has been advised by legal counsel that the award was de hors the terms of the agreements and hence was patently illegal,” Kesoram told bourses on September 29.