Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 Update on Earlier Intimation Regarding Order of the Hon ble High Court of Madras. Detailed letter is enclosed.
SEPC · price
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Awaiting price reaction for this filing.
The Madras High Court has ordered interim attachment of SEPC's trade receivables worth Rs. 154.63 crore (out of total Rs. 449.62 crore) in favor of GPE (India) Ltd, a Mauritius-based petitioner, while enforcing a 2021 SIAC foreign arbitral award. The court has appointed PwC (Mr. Puneet Garkhel) as an independent auditor to examine SEPC's financials, assets, and liabilities owed to banks and financial institutions. The dispute arises from alleged non-payment under Share Purchase Agreements dated September 28, 2015. The original award amount was about Rs. 283 crore; after SEPC deposited Rs. 39.50 crore in August 2025, Rs. 154.63 crore remains outstanding. The court sharply criticized SEPC for projecting a very different financial picture to the public/stock exchanges versus before the court, and flagged 'inaccurate disclosure affidavits' — next hearing is March 23, 2026.
Clearly negative for shareholders — about one-third of SEPC's trade receivables are now frozen/attached, an external auditor will scrutinize the company's books, and the court's harsh remarks on inconsistent public disclosures raise serious governance and credibility concerns. Expect stock pressure and heightened scrutiny on SEPC's true financial position.