Pursuant to the above captioned subject, please find enclosed herewith the Monitoring Agency Reports for the quarter ended December, 31, 2025 ('said Report'). The said reports have been ....
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Tandhan Industries submitted the quarterly Monitoring Agency Report from Infomerics Ratings for Q3 FY26, covering a Rs. 126.76 crore preferential issue of equity shares and warrants to promoters. The entire proceeds were deployed into subsidiary Tandhan Polyplast Ltd for four objects: CAPEX of Rs. 20 crore, debt repayment of Rs. 20 crore, working capital of Rs. 21.54 crore, and general corporate purposes (GCP) of Rs. 20.50 crore. The monitoring agency flagged Rs. 14.92 crore in related party transactions at the subsidiary level—including a Rs. 7.5 crore security deposit to Jalan Sarces (a lessor of the factory), Rs. 3.12 crore paid to Tandhan Power Technologies for resin purchases, and Rs. 4.30 crore paid to Tandhan Exim towards an industrial shed. Key concern: shareholder approval for these related party transactions was obtained only at the subsidiary level, not at Tandhan Industries which actually raised the funds. The range of deviation from stated objects is recorded as 'Not Ascertainable', and the revised lease agreement copy was not furnished as it was 'under execution'.
Procedural SEBI filing, but the flagged governance lapse—missing parent-level shareholder approval for Rs. 14.92 crore of related party transactions funded out of issue proceeds—could invite regulatory scrutiny given the preferential issue was promoter-backed. Retail investors should watch for follow-up disclosures where the parent seeks retrospective approval or clarification from SEBI.