Key Details of the Matter
Opposing Party: BSE Limited
Date of Receipt of Order: 12th October, 2026 (rejection visible on BSE Listing Centre portal)
Background of Case:
- The company allotted 59,63,636 Equity Shares to Rare Asset Reconstruction Pvt. Ltd. (now known as Rare Asset Reconstruction Limited) on 02.05.2018
- Allotment was made pursuant to Section 9(1)(g) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
- Listing application was filed with BSE Limited for these 59,63,636 Equity shares
- BSE rejected the listing application because the company had not taken prior approval from shareholders for the allotment to Rare Asset Reconstruction Limited
Legal Proceedings:
- Company filed appeal in Securities Appellate Tribunal (SAT) against stock exchange order
- SAT rejected the company's appeal
- Company filed appeal with Supreme Court of India against SAT order
- Supreme Court dismissed the appeal
- Following Supreme Court dismissal, shareholders passed a necessary Special Resolution on 31st May, 2026
Current Status: Listing application filed by the company on 31st May, 2025 was rejected by Bombay Stock Exchange on 12th October, 2026
Financial Implications
Expected Financial Implications: There are no financial implications on the company as stated in the disclosure.
Quantum of Claims: Not applicable (NA)
Company's Response
The company is taking appropriate steps/actions against the order before the appropriate authority and other necessary actions as required.