Please find enclosed our letter no. Sect/31 dated 29 May 2025 submitting the Annual Secretarial Compliance Report for the financial year ended 31 March 2025. You are requested to please ....
LINDEINDIA · price
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Linde India Limited has submitted its Annual Secretarial Compliance Report for FY ended 31 March 2025, prepared by P. Sarawagi & Associates, Company Secretaries, as required under SEBI LODR Regulations. The report confirms broad compliance with SEBI regulations, secretarial standards, and corporate governance requirements. However, it highlights an ongoing sub-judice matter related to Related Party Transactions (RPTs): SEBI, through its Interim Order (29 April 2024) and Final Order (24 July 2024), directed the company to test RPT materiality on an aggregate basis; Linde India has appealed to the Securities Appellate Tribunal (SAT) and the Supreme Court, with the Supreme Court dismissing its challenge against NSE's appointment of a Registered Valuer. SAT, on 17 April 2025, directed the company to share data with the Valuer within six weeks. Two minor observations were noted: corporate governance report web-links pointed to the homepage rather than specific documents, and one designated person inadvertently bought 10 shares during the trading window closure (subsequently sold at a loss).
The ongoing SEBI RPT matter remains a regulatory overhang with uncertain financial impact, but the company is broadly compliant with listing rules. Investors should monitor the SAT/SEBI proceedings, as a final adverse ruling could require shareholder approval for past or future related party transactions.