Bhageria Industries Limited reported that the Securities Appellate Tribunal (SAT) has adjourned the hearing regarding the challenge to a SEBI adjudication order. The matter is now scheduled for final disposal on January 5, 2027.

The tribunal's decision follows a listing on October 21, 2026. During this session, SAT noted that the case involves multiple applicants, law firms, and counsels. Consequently, future hearing dates were fixed in consultation with all concerned parties and the Registry. While tentative dates were communicated orally earlier, the company awaited the uploaded copy of the order for formal confirmation.

Stay on SEBI order continues

The legal proceedings stem from an application filed by the Promoter(s)/Promoter Group(s) and Director(s) of Bhageria Industries. This application challenges the adjudication order dated March 31, 2023, passed by the Securities and Exchange Board of India (SEBI).

Until the next hearing date, the stay on the March 2023 SEBI order remains active. This development was disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key procedural updates

The company provided specific details required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The disclosure confirms that there has been no settlement of proceedings at this stage.

The filing clarified that details regarding settlement terms or compensation are not applicable as no settlement has occurred. Similarly, information regarding changes in status for litigation against key management personnel is marked as not applicable in the current context.

Bhageria Industries Limited shareholders approved the reappointment of its three key promoter-directors for three-year terms at its 37th Annual General Meeting (AGM) held on August 1, 2026. The resolutions to retain Suresh Bhageria as Executive Director & Chairman, Vinod Bhageria as Managing Director, and Vikas Bhageria as Joint Managing Director passed with overwhelming support, securing over 99.99% of votes in favor across all items. This decisive backing underscores strong promoter confidence and shareholder alignment on the company’s leadership continuity.

The AGM, conducted via Video Conferencing/Other Audio Visual Means (OAVM), transacted seven items of business. In addition to the director appointments, shareholders adopted the standalone and consolidated audited financial statements for the financial year ended March 31, 2026, and declared a dividend on equity shares for FY26. The company also secured approval for the remuneration of KVM & Co., Cost Accountants, as cost auditors for FY27.

Voting Results

The voting process included remote e-voting from July 29 to July 31, 2026, and e-voting during the AGM. A total of 43,644,180 shares were held by shareholders on the record date of July 24, 2026. Of these, 31,145,650 shares were polled, representing a participation rate of 71.36%.

The promoter group held 31,322,615 shares and voted 31,096,667 shares in favor of all resolutions, accounting for 99.28% of their holdings. Public non-institutional shareholders polled 48,983 votes, with approximately 99.87% cast in favor of the resolutions.

Governance and Compliance

Ms. Sonia Chettiar, Partner at GMJ & Associates, Company Secretaries, served as the scrutinizer for the e-voting process pursuant to Section 108 of the Companies Act, 2013. Her report confirmed that all resolutions were passed with the requisite majority under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The statutory auditors’ reports on the financial statements for FY26 contained no qualifications, observations, or remarks. Similarly, the secretarial audit report for the same period was unqualified. The meeting commenced at 12:30 p.m. IST and concluded at 1:03 p.m. IST, with 46 members attending virtually.