Linde India Limited has submitted its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The industrial gases company filed the mandatory confirmation certificate with both BSE and NSE on April 15, 2026, demonstrating adherence to regulatory requirements for depositories operations.

Regulatory Compliance Certificate Details

The confirmation certificate was issued by KFin Technologies Limited, serving as the company's registrar and share transfer agent. The certificate, dated April 14, 2026, certifies compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026.

Stock Exchange Communications

Linde India Limited communicated the compliance confirmation to both major stock exchanges where its shares are traded. The company submitted the certificate to BSE Limited, where it trades under scrip code 523457, and to the National Stock Exchange of India Limited, where it is listed under the symbol LINDEINDIA.

Depository Services Confirmation

KFin Technologies Limited issued separate certificates to both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The certificates confirm that all required details of securities dematerialized and rematerialized during the quarter have been properly furnished to the stock exchanges where Linde India's shares are listed.

Corporate Governance Framework

The filing demonstrates Linde India's commitment to maintaining regulatory compliance under SEBI's depositories framework. Company Secretary Amit Dhanuka signed the submission letter, ensuring proper corporate governance protocols were followed in the regulatory filing process.

Service Provider Details

KFin Technologies Limited operates from its operations center in Hyderabad's Financial District and maintains its registered office in Mumbai. The company serves as Linde India's registrar, share transfer, and depository services agent, facilitating the smooth operation of share transactions and regulatory compliance.

Linde India Limited held an extraordinary general meeting (EGM) on March 5, 2026, where shareholders decisively rejected a proposal to approve material related party transactions worth ₹4,177 million with Praxair India Private Limited for the financial year 2025-26.

Meeting Overview and Attendance

The EGM was conducted through video conference at 11:30 AM IST, with 45 members participating, including The BOC Group Limited, U.K., which holds 63,963,167 equity shares representing 75% of the company's paid-up share capital. The meeting was chaired by Mr. Michael James Devine, Non-Executive Chairman, participating from Germany.

Background of the Proposal

The Chairman explained that the proposal arose from ongoing litigation between SEBI and the company. The Securities Appellate Tribunal (SAT) had dismissed the company's appeal on December 5, 2025, against SEBI's order dated July 24, 2024. While the company subsequently filed an appeal before the Supreme Court on December 16, 2025, which was admitted on January 16, 2026, no stay was granted regarding the materiality threshold for related party transactions.

Transaction Details and Rationale

The proposed resolution sought approval for related party transactions with Praxair India Private Limited, a wholly owned subsidiary of the Linde Plc Group, covering:

• Purchase and sale of goods and services
• Critical spares and equipment procurement
• Bulk gases and cylinder transactions
• Fixed asset purchases and sales
• Personnel cost recovery
• Construction and engineering contracts
• Transport Operating Centre services

Chairman's Justification

The Chairman emphasized that the company's RPT value with Praxair India had exceeded 10% of the prior year's turnover in the quarter ended December 2025. He argued that maintaining existing supply arrangements was critical to avoid disrupting customer operations and potentially impacting emergency medical procedures across India. The Chairman noted that alternative sourcing would present immediate logistical challenges and adversely affect short-term performance.

Key operational points highlighted included:

• All transactions conducted at arm's length pricing with profit margins consistent with third-party sales
• Average margin on RPT transactions with Praxair India exceeding 30%
• Company's overall operating margin improved from 16.2% in FY 2020 to 24.9% in FY 2025
• Capacity utilization increased by 7% in 2025 compared to 2021 despite 15% incremental merchant capacity addition

Voting Results and Outcome

The resolution faced overwhelming rejection from shareholders despite the management's detailed justification.

Notably, pursuant to regulatory provisions, related parties including The BOC Group Ltd., U.K. did not vote on the resolution to avoid conflict of interest.

Shareholder Participation

Nine registered speakers participated in the Q&A session, including Mr. Manish Jain, Mr. Mohan Krishnaswamy, Mr. Dhanraj Jain, Mr. Aspi Bamanshaw Bhesania, Mr. Bimal Krishna Sarkar, Mr. Amit Ashok Gadgil, Mr. Amit Kumar Banerjee, Mr. Rushabh Jigen Sharedalal, and Mr. Sujan Modak. The Managing Director Mr. Milan Sadhukhan responded to questions raised by shareholders during the meeting.

The meeting concluded at 1:03 PM IST, with voting results declared the same day following the scrutinizer's report by Mr. P K Sarawagi of M/s. P Sarawagi & Associates, Company Secretaries. The rejection represents a significant setback for the company's operational plans and highlights shareholder concerns regarding the scale of related party transactions despite management's assurances of arm's length pricing and operational necessity.