Please find enclosed our letter no. Sect/30 dated 3rd April 2026 submitting the minutes of Extra-ordinary General Meeting of the Company held through Video Conference/Other Audio-Visual Means on Thursday, 5th March 2026. You are requested to please take the above on record.
LINDEINDIA · price
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Linde India submitted the minutes of its Extra-Ordinary General Meeting held on 5th March 2026, where shareholders were asked to approve material related party transactions (RPTs) with Praxair India Private Limited worth Rs. 4,177 million for FY 2025-26 (exceeding the 10% materiality threshold of Rs. 2,485 million based on FY 2024-25 consolidated turnover). The company sought this approval amid an ongoing legal battle: SEBI had ruled against Linde India's RPT interpretation, the Securities Appellate Tribunal dismissed the company's appeal in December 2025, and although the Supreme Court admitted the appeal in January 2026, it granted no stay. The Chairman noted that RPTs with Praxair India were critical for uninterrupted supply of industrial and medical gases, and that margins on these transactions exceeded 30%, with overall RPT share having reduced from 27.9% in 2021 to 15.76% in March 2025. The resolution was decisively rejected by shareholders, with 89.24% of votes polled against it and only 10.76% in favour; promoter BOC Group UK (holding 75% of the company) abstained as a related party.
This is a significant negative development. The rejection of the RPT approval could create operational and legal challenges for Linde India, potentially disrupting supply arrangements with Praxair India and leaving the company exposed on the SEBI RPT compliance front. Investors should expect short-term uncertainty around the stock and possible regulatory or supply-chain disruption.