Jetking Infotrain Limited has announced that the Securities Appellate Tribunal (SAT), Mumbai, has dismissed an appeal filed by the company regarding the rejection of its listing application by the BSE. The order, dated May 8, 2026, pertains to Appeal No. 474 of 2025 and was made available to the company on the same date. The tribunal's decision effectively upholds the stock exchange's refusal to list shares issued through a preferential allotment.

The background of the case involves a preferential issue of shares for which the company had sought a listing. The BSE had rejected this application, prompting Jetking Infotrain to approach the SAT. In its order, the SAT identified specific non-compliances that led to the dismissal of the appeal. The tribunal noted that the company utilized the proceeds from the preferential issue to invest in Virtual Digital Assets (VDAs) before the Registrar of Companies (RoC) certified the second amendment to the Memorandum of Association (MoA), which permitted such investments. The RoC certified this amendment on July 7, 2025.

Furthermore, the SAT found that the company did not disclose the first MoA amendment to the BSE before obtaining in-principle approval or while filing the listing application on June 10, 2025. These actions were held to be ultra vires the MoA as it existed at the relevant time. Consequently, the appeal was dismissed, and the rejection of the listing application stands.

The following table summarizes the key details of the SAT order and the implications for the company:

Regarding the financial impact, the company stated that the order upholds the BSE's rejection, meaning the shares allotted pursuant to the preferential issue cannot be listed on the exchange at this stage. Jetking Infotrain is currently evaluating the financial and legal implications of the order. The company has confirmed that no monetary penalty or fine has been imposed by the SAT, nor was there an order regarding costs.

In response to the order, Jetking Infotrain stated that it is evaluating the implications of the SAT decision, including the available legal remedies in accordance with the law. The company has assured that any further material developments in this matter will be disclosed to the public in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Jetking Infotrain Limited has issued a clarification to BSE Limited regarding the recent significant movement in its share price, confirming that no undisclosed material information exists that could influence the stock's behavior. The response, dated April 10, 2026, addresses BSE's query from April 09, 2026.

Company's Response to Price Movement Query

The company acknowledged BSE's query bearing reference number L/SURV/ONL/PV/APJ/2026-2027/3593 concerning the significant price movement in its securities. Jetking Infotrain emphasized that its equity shares are freely and frequently traded on the exchange, and the company has no control over price movements at any given time.

Regulatory Compliance Confirmation

Jetking Infotrain confirmed its compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 30. The company stated that there is no material information or event, including any impending announcement, that could influence the price behavior of its scrip that has not already been disclosed to the stock exchange.

The management clarified that the price movement is purely market-driven and the company is not aware of any specific reason for the same. They assured the exchange of prompt disclosure of any material events or information as required under the listing regulations.

Management Authorization

The clarification was digitally signed by two key executives on April 10, 2026:

The company has requested BSE to take the clarification on record, reaffirming its commitment to transparent disclosure practices and regulatory compliance in line with SEBI requirements.