SEBI issues Warning-cum-Advisory Letter over non-disclosure of NCLAT order; no monetary penalty imposed

Received SEBI Warning-cum-Advisory Letter dated October 1, 2026 for not separately disclosing an NCLAT order dated September 23, 2025, which dismissed its appeal against a CCI penalty of Rs 44,25,569.

Fri 2 Oct 2026

SEBI Letter

Warning-cum-Advisory Letter dated October 1, 2026

NCLAT Order Date

September 23, 2025

CCI Penalty

Rs 44,25,569

NCLAT Appeal Reference

Competition Appeal (AT) No. 36 of 2022

Monetary Penalty

No monetary penalty imposed; no material impact cited

What the update says

• The company received a Warning-cum-Advisory Letter dated October 1, 2026 from the Securities and Exchange Board of India through email on October 1, 2026 at 5:37 p.m.
• The action is described in the annexure as an Advisory cum Warning Letter, advising the company to exercise care in future.
• The letter will be placed before the Board of Directors at its next meeting.

Why the warning was issued

• SEBI received a reference alleging non-disclosure of the order of the National Company Law Appellate Tribunal (NCLAT) dated September 23, 2025 in Competition Appeal (AT) No. 36 of 2022.
• By that order, the NCLAT dismissed the company's appeal against the order of the Competition Commission of India dated April 4, 2022, which imposed a penalty of Rs 44,25,569 on the company.
• Item 20 of Para A of Part A of Schedule III covers orders passed by any judicial body against a listed entity in respect of the imposition of a fine or penalty. A penalty of Rs 10 lakh or more (Rs 1 lakh where imposed by a sectoral regulator or enforcement agency) is to be disclosed within twenty four hours. Where a disclosure is made after the specified timelines, Regulation 30(6) requires the explanation for the delay to be given along with it.

What SEBI observed

• The company did not separately intimate the said order to BSE under Regulation 30.
• The order was first referred to in the audited financial results for the year ended March 31, 2026, shared on May 26, 2026.
• In its reply to BSE dated September 11, 2026, the company admitted that the order was not separately intimated.
• SEBI therefore states it appears that the company has not complied with Regulations 30(2) and 30(6) of the LODR Regulations, read with Item 20 of Para A of Part A of Schedule III.

What SEBI has stated

• SEBI says the non-compliance is viewed seriously; the company is warned and advised to be careful in future and to improve its compliance standards, failing which appropriate enforcement action may be initiated in accordance with the provisions of the securities laws.
• The company is advised to disclose the said order to the stock exchange forthwith, with the details specified in Item 20 and the explanation for the delay, if not already done.
• The company is also advised to place this letter before its Board of Directors and to disclose it to the stock exchange under Regulation 30.

Impact stated in the update

• The annexure states that no monetary penalty has been imposed through this warning letter.
• It further states that there is no material impact on the financial, operation or other activities of the company.

Points to note

• The letter is a warning-cum-advisory from SEBI; the annexure records that no monetary penalty has been imposed through it.
• The underlying matter relates to a CCI penalty of Rs 44,25,569 on the company and to the separate disclosure of the NCLAT order that dismissed the company's appeal against that order.

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