The Securities Appellate Tribunal (SAT) has granted interim relief to Mr. Tirth Uttamchand Mehta and Mr. Uttamchand Chandanmal Mehta, staying a SEBI order that had debarred them from the securities market. The order, passed by the Whole Time Member (WTM) of SEBI on February 05, 2026, had imposed a penalty of ₹10 Lakhs each and a one-year market debarment. The SAT's interim order dated April 28, 2026, allows the appeal and stays the operation of the SEBI order pending the final hearing, subject to the appellants depositing 50% of the penalty within two weeks.

The case stems from allegations that the appellants were involved in a scheme to manipulate the trading volume and price of shares of unison metals . SEBI had alleged that the manipulation was carried out through the dissemination of stock recommendations on Telegram channels. The appellants, specifically the Managing Director and a promoter of the company, were accused of aiding and abetting this scheme by sharing BENPOS data with an operator, which was purportedly used to calculate commissions.

Key Allegations and Defense

The core allegation against the appellants was the sharing of BENPOS, a statement of beneficial ownership, with Shailesh S Patel. SEBI contended that this data enabled operators to ascertain commissions based on the number of shares offloaded during a 'pump and dump' phase. The regulator argued that the appellants had multiple connections with the sellers and the operators, pointing to phone call records and email trails as evidence of coordination.

However, the defense argued that BENPOS is not a secret document and can be obtained by 'any person' under Section 94 of the Companies Act, 2013. They emphasized that the appellants had not traded in any shares or gained any financial benefit from the alleged fraud. It was further submitted that the debarment of the Managing Director would adversely affect the company's ability to make public offers and raise capital, as stipulated by the ICDR Regulations.

Tribunal's Observations

The Tribunal noted that the solitary allegation against the appellants was the sharing of BENPOS. It observed that since this information is accessible to the public, debarring the individuals from the market solely on this ground would be harsh. The Tribunal also considered the potential adverse impact on the company's operations and its investors, citing a communication from a lending partner indicating that credit limits were being withdrawn due to the regulatory action.

Order Details

Unison Metals Limited stated in its regulatory filing that there is no impact contemplated on the financial, operational, or other activities of the company as a result of these proceedings. The company informed the BSE Limited of the SAT's interim order on May 16, 2026.

Unison Metals Limited delivered exceptional financial performance in Q3 FY26, with consolidated revenue surging 130% year-on-year to ₹163.99 crore and net profit growing multi-fold to ₹4.30 crore. The company also announced a major expansion with a ₹30 crore investment in sodium silicate manufacturing, expected to commence commercial production by May 2026.

Outstanding Q3 FY26 Financial Performance

The company's consolidated results for the quarter ended December 31, 2025, demonstrated remarkable growth across all key metrics:

Nine-Month Performance Highlights

For the nine months ended December 2025, the company maintained strong momentum with consolidated performance showing substantial growth:

Major Expansion in Specialty Chemicals

Unison Metals announced a significant strategic expansion with the launch of a new Specialty Chemicals Division for Sodium Silicate manufacturing at Dhamatwan, Ahmedabad. The key highlights of this expansion include:

The new facility will produce sodium silicate, an essential raw material used across industries including detergents, paper, pharmaceuticals, food processing, rubber, dyes, chemicals, garments, and foundry castings. The facility is designed as a fully automated, environmentally compliant, and technologically advanced manufacturing hub.

Segment-wise Business Performance

Unison Metals operates across three primary business segments with the following Q3 FY26 performance:

Subsidiary Expansion in Stainless Steel

The company's wholly owned subsidiary, Chandanpani Limited, has introduced special stainless steel grades in its melting division, focusing on advanced grades in the 300-series and 400-series family, including Grades 304 and 316. This expansion is expected to boost the subsidiary's revenue by approximately 50% year-on-year and contribute to an estimated 25% increase in consolidated PAT.

Corporate Actions and Strategic Outlook

On November 28, 2025, the company completed a stock split, subdividing each equity share of face value ₹10 into 10 equity shares of face value ₹1 each. Post-split, the paid-up equity share capital stands at ₹29.62 crore comprising 29,62,22,870 equity shares of ₹1 each.

The management expressed confidence in the company's growth trajectory, stating that the expansions across specialty chemicals and advanced stainless steel grades position Unison Metals for accelerated growth while enhancing manufacturing capabilities and diversifying revenue streams.