Please find enclosed our letter no. Sect/43 dated 30 May 2026 submitting the Annual Secretarial Compliance Report for the financial year ended 31 March 2026. You are requested to please ....
LINDEINDIA · price
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Linde India has submitted its Annual Secretarial Compliance Report for FY 2025-26. The report confirms general compliance with SEBI regulations but highlights a significant ongoing dispute regarding Related Party Transaction (RPT) materiality thresholds. SEBI had directed the company to aggregate all transactions with a related party when testing materiality, but the company disagrees and has appealed to the Supreme Court after SAT dismissed its earlier appeal. As a precaution, the company sought shareholder approval for RPTs with Praxair India Pvt. Ltd. at an EGM on 5 March 2026, but the resolution was defeated. The company also received a Valuation Report from NSE dated 16 March 2026 and filed an Interlocutory Application before the Supreme Court to prevent SEBI from acting on it. SEBI has also issued further summons in April 2026. Management acknowledges uncertainties around the ultimate outcome.
The defeated shareholder resolution on RPTs and ongoing SEBI litigation create regulatory uncertainty. The company may face action from SEBI regarding its RPT aggregation methodology. The matter is pending before the Supreme Court, and any adverse outcome could impact future related party transactions.