Jyoti Limited disclosed that the Bombay Stock Exchange (BSE) rejected its application to list 59,63,636 equity shares. The rejection follows the dismissal of the company's appeals by the Securities Appellate Tribunal (SAT) and the Supreme Court of India.

The dispute centers on shares allotted to Rare Asset Reconstruction Pvt. Ltd. (now Rare Asset Reconstruction Limited) on May 2, 2018, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The BSE rejected the initial listing application because the company had not obtained prior shareholder approval for the allotment.

Litigation history and regulatory stance

Jyoti Limited challenged the BSE's rejection through legal channels, but the courts upheld the exchange's position. The sequence of events is outlined below:

Despite passing a Special Resolution on May 17, 2025, to ratify the 2018 allotment, the company filed a fresh listing application with the BSE on May 31, 2025. This second attempt was also rejected on October 12, 2026, as noted on the BSE Listing Centre portal.

What the Numbers Show

The core issue highlights a regulatory divergence between corporate governance actions and listing compliance timelines. Although shareholders ratified the allotment in May 2025, the BSE maintained its rejection in October 2026. This suggests that retrospective ratification via postal ballot did not cure the initial procedural defect of failing to secure prior approval before the 2018 allotment under SARFAESI Act provisions.

Financial implications

Jyoti Limited stated that there are no financial implications for the company resulting from this order. The company indicated it is taking appropriate steps and actions against the order before the appropriate authority, alongside other necessary actions as required. No quantum of claims was reported in relation to this matter.

Jyoti Limited has disclosed the voting results for its 82nd Annual General Meeting (AGM) held on September 24, 2026. All four resolutions tabled at the meeting, including the adoption of FY26 financial statements and the re-appointment of a director, were passed with the requisite majority.

The meeting, conducted via Video Conferencing (VC) and Other Audio Visual Means (OAVM), saw a total of 12,096,719 votes polled out of 23,092,628 outstanding shares, representing a participation rate of 52.38%. The Scrutinizer’s report confirmed no invalid or incomplete votes were recorded during the e-voting process.

Voting summary on key agenda items

The following ordinary and special business items were addressed and approved by shareholders:

• Adoption of Financial Statements: Members approved the Audited Financial Statements (including Consolidated Financial Statements) for FY26. The resolution received 12,096,664 votes in favour and only 55 against.
• Director Re-appointment: Ms. Shubhalakshmi R. Amin (DIN: 06439302), who retired by rotation, was re-appointed as a Director. This resolution garnered 12,096,543 votes in favour and 176 against.
• Cost Auditor Remuneration: Ratification of remuneration for Cost Auditors for the financial year ending March 31, 2027, was approved with 12,080,493 votes in favour and 55 against.
• Disposal of Undertaking: Approval for the sale, lease, or disposal of the whole or substantially the whole of the Company's Undertaking(s) was granted. As a Special Resolution, it required a higher threshold but passed comfortably with 12,096,564 votes in favour and 155 against.

Shareholder participation details

Voting was conducted via remote e-voting from September 20 to September 23, 2026, with additional e-voting facilities open during the meeting. The cut-off date for entitlement to vote was September 17, 2026.

Note: Table reflects consolidated voting results for Resolution No. 4 (Special Resolution). Data for other resolutions shows similar high approval rates.

Meeting proceedings and attendance

Mr. Suresh Singhal, Company Secretary, welcomed members and outlined participation guidelines. Mr. Rahul Amin served as Chairman. All Directors were present through VC except Shrivatsa Subhash Sinha, Independent Director. Statutory Auditors from M/s. Amin Parikh & Co. and Secretarial Auditors joined remotely.

Two registered speakers, Mr. Damodaran Tumuluri and Gaurav Sud HUF, did not join the meeting as attendees. Consequently, the Chairman proceeded without their interventions. The meeting concluded at 11:16 am with a vote of thanks.