Key Quantitative Figures and Dates
- FIR Filing Date: November 11, 2025, filed by Ms. Sonal Agarwal
- Family Settlement Agreement Date: Executed on December 16, 2025
- Disclosure Date: Both events were disclosed on May 12, 2026
- Delay Period: Approximately five months delay for the Family Settlement Agreement disclosure and approximately six months delay for the dispute/FIR disclosure
Parties Involved
- Aggrieved Individuals (First Party): Ms. Sonal Agarwal, Mr. Manoj Agrawal, and Ms. Banarsi Devi Agrawal
- Second Party: Mr. Ravi Agrawal, Mrs. Priti Agrawal, Mr. Ashok Agrawal, and Mr. Subhash Chand Mittal & others
- Regulatory Authority: Securities and Exchange Board of India (SEBI)
- Company Representative: Muskaan Gupta, Company Secretary & Compliance Officer
Regulatory References and Violations
SEBI identified violations of:
- Regulation 30 read with Sub-para 5 of Para A, Part A of Schedule III of SEBI LODR (for failure to disclose Family Settlement Agreement impacting promoter holdings and control)
- Regulation 30 read with Sub-para 8 of Para B, Part A of Schedule III of SEBI LODR (for failure to disclose material intra-promoter dispute represented by the FIR)
SEBI Directives and Company Response
The company has been warned and advised to:
- Improve compliance standards to avoid recurrence of such instances
- Take corrective steps to address the violations
- Place this SEBI communication and corrective steps taken before the Board of Directors
- Disseminate a copy of this communication on the stock exchanges
SEBI has indicated that failure to comply may result in appropriate enforcement action under the Securities and Exchange Board of India Act, 1992 and related Rules and Regulations.
The company, in its covering letter dated July 30, 2026, states that it has taken note of the observations and remains committed to maintaining the highest standards of corporate governance and regulatory compliance.
Financial Impact
Financial impact not quantified in the disclosure.