We hereby inform the exchange on update on the earlier intimation submitted on Order from Hon''ble High Court of Madras under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Detailed letter is enclosed
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The Hon'ble High Court of Madras passed an interim order on 30 April 2026 in enforcement petitions involving SEPC Limited (JD2), Twarit Consultancy Services (JD1), and a consortium of banks including Punjab National Bank, Axis Bank, Indian Bank, and others. The court partially modified its earlier order that had attached SEPC's trade receivables worth ₹154.63 crore. Under the new interim arrangement: banks can appropriate up to ₹15.69 crore from the Trust & Retention Account toward resolution plan dues, SEPC can use up to ₹2 crore to pay pending salaries (about 3 months overdue), and Twarit must deposit ₹2.5 crore with the court. The court also directed PwC to file a fact-finding report and noted the consortium failed to provide full details of the Trust Account. SEPC states it is fully indemnified against any impact under a 2015 indemnification agreement. The matter is next listed on 23 June 2026.
The court order temporarily lifts the attachment on SEPC's receivables to allow salary and bank dues payments. SEPC claims no direct financial impact due to indemnification arrangements, but ongoing litigation with lenders suggests continued legal risk. The next hearing date of 23 June 2026 will require further disclosure.