NSE/BSE Codes: BSE: 544029, NSE: GANDHAR
Summary of Key Information:
Nature of Event / Disclosure:
Regulatory disclosure under SEBI Listing Regulations (Regulation 30) regarding the outcome of litigation involving a complaint filed under the Negotiable Instruments Act, 1881.
Involved Parties / Authorities:
- Complainant: Shri Saptashringi Ispat Private Limited
- Defendants: Gandhar Oil Refinery (India) Ltd, its promoters, and certain members of the promoter group
- Adjudicating Authority: Court of the Addl. Chief Judicial Magistrate, Court No. 11, Nashik
- Case Reference: S.C.C. No. 301992/2014
Date / Timeline of Event:
- Complaint Filed: 2014 (disclosed in Company's Prospectus dated November 25, 2023)
- Order Date: September 23, 2026
- Disclosure Date to Exchanges: September 24, 2026
Brief Description of Outcome / Dispute:
The complainant had filed a complaint under Sections 138 and 141 of the Negotiable Instruments Act, 1881, alleging dishonour of cheques aggregating to ₹3,00,00,000 (₹3 crore). The Court noted the repeated absence of the Complainant and its advocate, and that no adjournment application was filed. The Court acquitted all accused under Section 256 of the Code of Criminal Procedure, 1973 and stopped the proceedings.
Impact of Outcome:
Financial Impact:
No compensation, penalty or other monetary liability has been imposed on the Company by the order. The disclosure explicitly states "No financial implications" due to the outcome.
Operational / Business / Strategic Impact:
No material operational, business, or strategic impacts are disclosed in the document. The matter has been concluded with the acquittal.
Other Implications:
The resolution of this longstanding litigation (filed in 2014) removes a legal overhang that was previously disclosed in the company's prospectus as outstanding litigation.
Next Steps / Required Actions:
No further actions or next steps are required as the proceedings have been stopped and the accused have been acquitted.