Gandhar Oil Refinery gets acquittal in ₹3 crore cheque dishonour case
- Gandhar Oil Refinery (India) Ltd received an acquittal from the Nashik court on September 23, 2026.
- The case involved alleged dishonour of cheques worth ₹3 crore filed by Saptashringi Ispat Private Limited in 2014.
- The court acquitted the accused under Section 256 of the Code of Criminal Procedure due to the complainant's repeated absence.
- No monetary penalty or compensation was imposed on the company or its promoters.
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Gandhar Oil Refinery (India) Ltd secured an acquittal from the Court of the Addl. Chief Judicial Magistrate, Nashik, in a long-standing cheque dishonour case. The order, dated September 23, 2026, concluded proceedings initiated in 2014 against the company and its promoters for alleged default on cheques aggregating ₹3 crore.
The litigation was filed by Saptashringi Ispat Private Limited under Sections 138 and 141 of the Negotiable Instruments Act, 1881. The complainant alleged that cheques issued by the company and members of the promoter group were dishonoured. This matter had been disclosed in the company’s prospectus dated November 25, 2023, under outstanding litigation.
Court Ruling and Outcome
The court passed the order in S.C.C. No. 301992/2014 after noting the repeated absence of the complainant and their advocate. No adjournment application was filed by the opposing party during the hearings. Consequently, the court acquitted the accused under Section 256 of the Code of Criminal Procedure, 1973, and stopped the proceedings.
The company confirmed that no compensation, penalty, or other monetary liability has been imposed by this order. The quantum of claims remains not applicable following the dismissal of the case.
Disclosure Details
The company filed this disclosure with BSE and NSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information is available on the company’s investor relations website.
| Particulars | Details |
|---|---|
| Opposing Party | Saptashringi Ispat Private Limited |
| Court | Addl. Chief Judicial Magistrate, Nashik |
| Case Number | S.C.C. No. 301992/2014 |
| Alleged Amount | ₹3 crore |
| Order Date | September 23, 2026 |
| Outcome | Acquittal under CrPC Section 256 |
| Financial Impact | Nil |
This development removes a legal overhang that had persisted since 2014, providing clarity on the company’s litigation status regarding promoter-related financial instruments.
Historical Stock Returns for Gandhar Oil Refinery
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.12% | +1.45% | +4.90% | +106.51% | +81.20% | -12.84% |
How might the removal of this legal overhang influence Gandhar Oil Refinery's credit rating or borrowing costs in the near term?
Are there any other pending litigations disclosed in the November 2023 prospectus that remain unresolved for the company?
What impact could this acquittal have on the company's upcoming capital raising activities or potential secondary offerings?
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