Mauria Udyog Limited and its promoters have been restrained from accessing the securities market for five years by the Securities and Exchange Board of India (SEBI). The final order, dated June 30, 2026, prohibits the company and its directors, Mr. Navneet Kumar Sureka and Mrs. Deepa Sureka, from buying, selling, or dealing in securities. This action follows allegations of manipulating the price and volume of the company's equity shares, violating provisions of the SEBI Act, 1992, and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.

The restraint period is subject to the adjustment of time already undergone pursuant to an interim order dated June 19, 2023. Mauria Udyog received the final order on July 14, 2026. In its disclosure to the stock exchanges, the company clarified that there is no material impact on its financials, operations, or other activities as a result of this order.

The company attributed a delay in filing this disclosure to the voluminous nature of the SEBI order, which exceeded 300 pages. Mauria Udyog stated it required additional time to perform a thorough legal assimilation of the contents and conduct detailed deliberations with legal counsel to evaluate the implications and determine the future course of action.

Key Details of the SEBI Order

The disclosure was submitted by Divya Agarwal, Company Secretary & Compliance Officer of Mauria Udyog Limited, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

mauria udyog reported a net profit of ₹239.58 crore for the financial year ended March 31, 2026, accompanied by a qualified opinion from its statutory auditors regarding investment valuations and trade receivables. The board approved the standalone and consolidated audited financial results on May 29, 2026, revealing total income of ₹4,342.39 crore and total expenditure of ₹4,004.80 crore for the year.

NKSC & Co, the statutory auditors, qualified their opinion due to the company's failure to obtain or carry out fair valuation for unquoted equity shares classified as Fair Value Through Other Comprehensive Income (FVTOCI). The auditors noted that the impact of this fair valuation cannot be ascertained. Additionally, the company did not use the expected credit loss model required by Ind AS 109 to assess impairment on trade receivables, though it made a provision of ₹39.24 crore against doubtful debts.

The auditors also emphasized matters concerning disputed trade receivables classified as non-current assets amounting to ₹631.19 crore, net of provisions. Furthermore, they drew attention to an interim order from the Securities and Exchange Board of India (SEBI) dated June 19, 2023, restraining the company from accessing the securities market and directing a deposit of ₹261.97 crore. The management stated it has not recorded a liability for this amount as it believes the order is untenable.

Financial Performance

The company's operational metrics for the year ended March 31, 2026, showed revenue from operations at ₹4,312.88 crore. Finance costs for the period stood at ₹202.80 crore, while depreciation and amortization expenses were ₹144.54 crore. The basic earnings per share for the year was reported at ₹1.80.

Legal and Regulatory Disclosures

The filing disclosed ongoing legal proceedings, including insolvency proceedings initiated against trade receivable M/s Nexus Commosales Private Limited before the National Company Law Tribunal (NCLT), Kolkata Bench. The company also noted a pending case against M/s Udayanchal Leasing & Export Pvt. Ltd. regarding a revoked agreement for a plotted colony project under the DDJAY Scheme. Additionally, the company referenced a Supreme Court order directing the deposit of ₹1,670 crore related to transactions with the Amrapali Group of Companies, against which the company had charged ₹1,500 crore in the financial year 2019-20 but has not provided further liability.