India SEBI Regulatory Enforcement Actions — October 15, 2026

15-10-2026

Advik Capital Limited reported a sharp deterioration for Q2 FY27 (quarter ended September 30, 2026): consolidated total income of Rs. 194.85 Lakhs against total expenses of Rs. 888.19 Lakhs, producing a consolidated net loss of Rs. 693.34 Lakhs versus a profit of Rs. 58.88 Lakhs in the year-ago quarter, with basic EPS of (0.11). Half-year consolidated net loss widened to Rs. 812.31 Lakhs (versus a Rs. 106.94 Lakhs profit a year earlier), and consolidated borrowings rose to Rs. 26,251.20 Lakhs from Rs. 14,387.63 Lakhs at March 31, 2026. The filing also discloses a SEBI communication under Section 11C(3) of the SEBI Act, an ED Provisional Attachment Order against a promoter/director's personal assets, and a Rs. 77.43 Crore loan recovery dispute with Elitecon International Limited, along with unpaid income tax liabilities of Rs. 7.98 Crore.

• · Consolidated borrowings rose to Rs. 26,251.20 Lakhs at 30-Sep-26 from Rs. 14,387.63 Lakhs at 31-Mar-26 (approx. 82% increase in six months).
• · Consolidated loans grew to Rs. 34,861.92 Lakhs from Rs. 24,910.13 Lakhs, while cash fell to Rs. 95.82 Lakhs from Rs. 968.09 Lakhs.
• · Net cash used in operating activities for the half year was Rs. (11,519.86) Lakhs (consolidated).
• · Consolidated Other Equity declined to Rs. 7,393.59 Lakhs from Rs. 8,207.19 Lakhs.
• · Management states the Rs. 7.98 Crore tax delay arose from temporary liquidity constraints; the matter raises going-concern-related disclosure questions the management says do not present a material adverse impact.
• · Company received a SEBI communication dated July 15, 2026 under Section 11C(3) of the SEBI Act, 1992; the matter is at a preliminary investigation stage and no financial impact can be ascertained.
• · ED issued a PMLA Provisional Attachment Order against personal assets of a promoter/director and associated entities; the company states no allegation or attachment of its own assets.
• · Elitecon loan: Rs. 64.00 Crore disbursed Aug 21-30, 2024; respondents admit receipt of funds but dispute terms; the amount continues to be carried as a financial asset, with no provision recorded.
• · Auditor-style qualitative note: the company's interest-recognition policy treats loan interest as due annually for monitoring, which is a notable accounting-policy point for investors to scrutinize.

15-10-2026

Tata Steel Limited disclosed receipt on October 15, 2026 of the certified true copy of the NCLT Mumbai Bench order, pronounced October 1, 2026, sanctioning the Scheme of Amalgamation of its wholly owned subsidiary Rujuvalika Investments Limited (an RBI-registered NBFC with no active operations) into Tata Steel. The scheme is an internal group restructuring with no cash consideration; the Transferor's 11,68,393 shares in Tata Steel will be cancelled. The filing also notes the Regional Director (Western Region) raised observations on the scheme, which the petitioners responded to via affidavit.

• · NCLT Mumbai Bench-II order dated October 1, 2026 under Sections 230-232 of the Companies Act, 2013; joint petition filed May 15, 2026
• · Appointed date of the scheme is April 1, 2023, which the Regional Director flagged as antedated beyond one year from the filing date of the application (May 27, 2025); petitioners justified it under the MCA Circular No. 9/2019
• · Transferor Company held Tata Steel shares before becoming a subsidiary on May 8, 2015, which the petitioners argue is permitted under proviso (c) to Section 19(1) of the Companies Act, 2013 as those shares carry no voting rights
• · Regional Director (Western Region) report dated August 21, 2026 raised observations in paragraphs 2(a) to 2(m); petitioners filed an Affidavit-in-Reply on August 22, 2026 and gave undertakings
• · Rationale cited: simplify group structure, reduce shareholding tiers, reduce legal entities and compliance costs; no new shares issued and no cash paid
• · Transferor's RBI NBFC registration dates to March 31, 1998, and it was recategorized as a Systematically Important Non-Deposit Taking NBFC in 2022
• · Filing made under SEBI LODR Regulations 30 and 51; certified copy received same day as disclosure

15-10-2026

Rajesh Exports Limited disclosed that SEBI passed an order dated October 14, 2026, following an Interim Order dated June 03, 2026. The order imposes no fine or penalty on the Company, notes the Company's submissions, and directs continued cooperation with investigative authorities and continued true, fair, accurate and complete financial disclosures. The Company states it has done nothing wrong and expects the investigation to be completed and cleared.

• · SEBI's interim order was dated June 03, 2026, and the final order dated October 14, 2026 imposed no fine or penalty.
• · The order directs the Company to keep providing relevant documents to investigative authorities and to maintain accurate financial statement disclosures under the SEBI Act, 1992.
• · The filing was disclosed under BSE scrip code 531500 and NSE symbol RAJESHEXPO.

15-10-2026

Rajeswari Infrastructure Limited disclosed that the Hon'ble NCLT Chennai Bench, in its order dated 12.10.2026 (under the earlier 13.01.2026 plan approval order), granted a 90-day extension for implementation of the approved Resolution Plan. The Tribunal declined the Company's request to exclude 119 days (or an alternative 98 days) from the implementation period, and directed the Resolution Professional/SRA to sell two non-core assets, with proceeds going to Intec Capital Ltd. and Religare Finvest Ltd., which must then release their charges. The sentiment is mixed: the 90-day extension and asset-sale direction advance resolution, while the rejection of the exclusion request leaves the Company under tighter timelines.

• · NCLT declined the Applicant's request to exclude 119 days (or alternatively 98 days) from the implementation period under the approved Resolution Plan
• · SRA directed to sell two non-core assets; buyer already identified and no valuation dispute exists
• · Intec Capital Ltd. and Religare Finvest Ltd. directed to release charges/liens on the non-core assets upon deposit of sale proceeds
• · Property Tax Department attachment on assets referred to SRA for resolution; no claim was filed by the department during CIRP
• · Company's Managing Director signed the disclosure; filing made to BSE under SEBI LODR Regulations

15-10-2026

POCL Enterprises Ltd disclosed that the Hon'ble NCLT Chennai Bench, by order dated October 13, 2026, allowed the joint First Motion Application for the proposed Scheme of Amalgamation of Planetfirst Green Private Limited (Transferor Company) with and into POCL Enterprises Limited (Transferee Company) under Sections 230-232 of the Companies Act, 2013. The Tribunal directed the Transferee Company to convene a meeting of its equity shareholders on November 27, 2026 at 10:30 a.m. and of its unsecured creditors on November 27, 2026 at 12:30 p.m.; meetings for the Transferor Company's shareholders and creditors were dispensed with. The scheme remains subject to further regulatory and other approvals.

• · Order received by the Company on October 14, 2026; disclosed to BSE on October 15, 2026 under Regulation 30 of SEBI (LODR) Regulations, 2015
• · Transferee Company's equity shareholders' meeting: November 27, 2026 at 10:30 a.m.; unsecured creditors' meeting: November 27, 2026 at 12:30 p.m.
• · Meeting notices and details to be submitted to the stock exchange in due course
• · Transferor Company is unlisted; its equity and 0.5% non-cumulative non-convertible redeemable preference shares are not listed on any exchange
• · Rationale includes Western India expansion via Planetfirst's Surat, Gujarat unit and vertical integration of recycled metal inputs
• · Transferee Company's equity shares remain listed on BSE (Scrip Code 539195)