Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with respect to SC subsequent Order setting aside the summoning orders of Hon''ble ....
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The Supreme Court of India has set aside (quashed) the summoning orders previously issued by the Trial Court against Rathi Steel & Power Ltd and its General Manager, Mr. Kushal Kumar Agarwal, in a case filed by the Enforcement Directorate. The original allegations were under Sections 44/45 and Sections 3/70 (punishable under Section 4) of the Prevention of Money Laundering Act (PMLA), 2002. This follows an earlier stay on proceedings granted by the Supreme Court in April 2024. The Company received the certified copy of the orders on June 2, 2025, and has stated there is no expected impact on its financial position, operations, or day-to-day activities.
This is a positive outcome for shareholders — the quashing of the criminal summoning orders removes a significant legal overhang relating to the ED/PMLA case against the Company and its key managerial person, reducing litigation risk going forward.