Disclosure of Stay Order of Supreme Court
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Supreme Court of India, by its order dated April 9, 2025 (received by the company on April 16, 2025), has stayed further proceedings against Rathi Steel & Power Ltd and its General Manager Mr. Kushal Kumar Agarwal in a case pending before the CBI Special Court, New Delhi. The case relates to a coal block allocated in 2008 that was later cancelled, and the allegations are under Sections 44 and 45 of the Prevention of Money Laundering Act, 2002. The matter originated from summons issued in November 2024 to the company, its promoters (Mr. Udit Rathi and Mr. Pradeep Rathi), and the General Manager. The company has stated that it does not foresee any material financial, operational, or day-to-day impact from this development.
Positive for shareholders — the stay halts the ongoing criminal proceedings against the company and one of its key executives, reducing near-term legal uncertainty. However, the case against the promoters remains active, so the matter is not fully closed.