Refex Renewables and Infrastructure Limited scheduled a Board of Directors meeting for Saturday, October 17, 2026. The agenda includes considering and approving a proposal to raise funds through the preferential issue of equity shares on a private placement basis.

The company filed this intimation with the BSE Limited under Regulation 29(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The proposed capital raise is subject to necessary sanctions and approvals as required by regulatory authorities.

Insider trading restrictions in place

In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company’s internal code, the Trading Window for dealing in Refex securities was closed effective October 1, 2026. This restriction applies to all Designated Persons and Insiders.

The trading window will remain closed until 48 hours after the announcement of the unaudited financial results, both standalone and consolidated, for the second quarter ending September 30, 2026 (Q2FY27). This measure ensures that no insider trading occurs during the period when material non-public information regarding the preferential issue and quarterly performance is being evaluated.

Meeting details

The intimation was signed by Vinay Aggarwal, Company Secretary and Compliance Officer, on October 14, 2026. The document is available on the company’s website for public record.

Refex Renewables & Infrastructure Limited disclosed a legal dispute involving its step-down subsidiary, Reflex CBG Kolhapur Limited, and Warana Sugar Limited. The conflict centers on the restriction of access to a Compressed Bio Gas (CBG) plant in Kolhapur, Maharashtra, due to alleged outstanding dues of ₹18.48 crore claimed by Warana Sugar.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the SEBI Circular dated January 30, 2026. The incident highlights operational risks arising from land-use arrangements between industrial entities and their utility providers.

Nature of the Dispute

Reflex CBG Kolhapur operates a CBG plant located on land owned by the subsidiary but situated in the vicinity of Warana Sugar’s factory. The operations are conducted pursuant to a long-term arrangement entered into in 2010. According to the filing, Warana Sugar restricted access for Reflex CBG Kolhapur personnel and affected the supply of electricity and water to the facility. These measures were reportedly taken in connection with certain outstanding dues stated to be payable by Reflex CBG Kolhapur to Warana Sugar.

As a result of these restrictions, operations at the CBG Plant have been severely impacted. Reflex CBG Kolhapur has initiated legal proceedings seeking interim reliefs to enable access and resume operations. Conversely, Warana Sugar has initiated its own legal proceedings against Reflex CBG Kolhapur regarding the same matter. Both parties are contesting the respective claims in the District Civil Court, Kolhapur.

Financial Implications and Claims

Warana Sugar has alleged an outstanding amount of ₹18,48,34,643. However, Reflex Renewables stated that these dues were fully and finally settled as part of the acquisition of Reflex CBG Kolhapur by Reflex Sustainability Solutions Limited, a wholly owned subsidiary of Refex Renewables, in August 2025. The company denies all such claims and demands.

The company noted that the financial implications, including the impact of the cessation of operations at the CBG Plant, are not presently quantifiable. Refex Renewables is assessing the financial and operational impact and will make further disclosures as required by law.

What the Numbers Show

A key divergence exists between the operational status and the financial settlement timeline. While Warana Sugar asserts a liability of ₹18.48 crore linked to historical arrangements dating back to 2010, Refex Renewables claims this amount was settled during an acquisition in August 2025. This suggests that the current operational shutdown may stem from a disagreement over the finality of past settlements rather than new accrued liabilities. The inability to quantify the impact indicates that the revenue loss from the halted CBG production is currently unmeasured, posing an immediate but undefined risk to the subsidiary’s contribution to the parent company’s consolidated results.