Mauria Udyog539219Ongoing legal dispute
SAT rejects stay on 5-year SEBI debarment; recovery of penalty and disgorgement stayed on 50% deposit
The Company shared Appeal No. 269 of 2026 before the Securities Appellate Tribunal, Mumbai (SAT) against SEBI's Final Order dated June 30, 2026.
By ScoutQuest · · 2 min read
- Debarment Duration
- 5 years
- Disgorgement Amount
- ~₹18.68 crore
- Penalty Amount
- ₹1 Crore
What was shared and before whom
- The Company had shared Appeal No. 269 of 2026 before the Securities Appellate Tribunal, Mumbai (SAT) against the Final Order dated June 30, 2026 passed by the Whole Time Member, SEBI.
- The SEBI Order had directed debarment for a period of 5 years, disgorgement of ~₹18.68 crore (jointly and severally with certain other Noticees) and a penalty of ₹1 Crore.
What the SAT interim order directed
- The interim prayer for stay of the debarment is rejected.
- There shall be a stay of recovery of the penalty and the disgorgement, subject to deposit of 50% of both with SEBI within four weeks from October 8, 2026.
- SEBI shall place the amount so deposited in an interest bearing account.
What the alleged lapses were
- Alleged lapses of the provisions of the SEBI Act, 1992 and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, in relation to manipulation of the price and volume of the Company's equity shares.
What the Company said about the impact
- SAT has declined to stay the debarment imposed by SEBI.
- SAT has stayed the recovery of the penalty and the disgorgement, subject to deposit of 50% of both with SEBI within four weeks from October 8, 2026.
- Apart from the above, the update states there is no material impact on the finances, operations or other activities of the Company.
How to read this
- Two separate things are at play. The debarment itself has not been stayed, so it continues while the appeal is heard. The money part — penalty and disgorgement — cannot be recovered for now, but only because the Company deposits half of both amounts with SEBI, and that money sits in an interest bearing account.
- A deposit of 50% of a ₹1 Crore penalty and of a ~₹18.68 crore disgorgement is a cash outflow that a reader can work out from these printed figures.
- The matter is an appeal in progress, and the underlying case relates to alleged manipulation of the price and volume of the Company's equity shares.
More numbers
- Disgorgement directed by SEBI₹18,68,40,551/-
- Penalty imposed by SEBI₹1 Crore
- Debarment period directed by SEBI5 years
- Deposit required with SEBI (of penalty and disgorgement)50%
- Time allowed to deposit with SEBIfour weeks
Source: BSE · 16 Oct 2026
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