SEPC Limited has informed the Exchange about an update under Regulation 30 of SEBI (LODR) Regulations, 2015, on earlier intimation submitted on Order from Hon'ble Supreme Court of India. Detailed letter enclosed.
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The Supreme Court of India disposed of SLP(C) No.6856/2023 on August 26, 2025, holding that a foreign arbitral award of approximately Rs 195 crore in favour of GPE India Ltd and others is enforceable in India. The case stems from breach of share purchase agreements related to securities of Haldia Coke and Chemicals Private Limited, where SEPC was a judgment debtor. A connected contempt petition was withdrawn and disposed of as 'not pressed.' SEPC has clarified that there will be no financial impact on the company, as it stands fully indemnified under an agreement dated September 29, 2015, with Twarit Consultancy Services Private Limited and Shri Housing Private Limited. The order also notes RBI's position that the compensatory damages qualify as a current account transaction and do not require prior RBI approval.
The court ruling goes against SEPC and the co-judgment debtors, confirming the Rs 195 crore award is enforceable, but SEPC states zero financial impact due to an existing indemnification agreement. Shareholders need to watch whether this indemnification holds up in practice, as the underlying Rs 195 crore liability sits with the indemnifying parties.