Kotyark Industries Limited has informed the Exchange regarding 'Update on Investigation Proceedings at Rajasthan Unit'.
KOTYARK · price
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Kotyark Industries has provided an update on the investigation at its Rajasthan manufacturing facility, where a complaint was filed by the Deputy CEO of the Bio-Fuel Authority alleging certain regulatory non-compliances — which the company strongly denies. The Managing Director, Mr. Gaurang Rameshchandra Shah, has operated under a valid Bio-Fuel Authority registration since 2019, but the original license expired in July 2022 and a renewal application submitted in July 2022 has remained pending for three years despite repeated submissions. The company filed two writ petitions before the Jodhpur High Court, which has now granted interim relief in favour of the MD, directing him to cooperate with the inquiry and submit documents. The Public Prosecutor has been asked to file a status report within two weeks, after which the matter will be heard further.
The High Court's interim relief is a positive for the company as it allows operations to continue while the inquiry proceeds, but the unresolved license renewal and pending investigation remain an overhang that could create uncertainty for shareholders until a final decision is reached.