Raghuvansh Agrofarms faces a final regulatory setback as the Supreme Court dismissed its appeals against Securities and Exchange Board of India (SEBI) and Securities Appellate Tribunal (SAT) orders on August 18, 2026.

The apex court found no good ground to interfere with the impugned orders passed by the SAT in Mumbai. The dismissal concludes the legal challenge filed by the company and its promoter group.

Litigation Background

Raghuvansh Agrofarms had approached the Supreme Court against the SAT order dated April 29, 2022. The SAT order upheld the SEBI Whole Time Member’s decision from September 3, 2020, along with a corrigendum dated September 7, 2020.

The company filed Civil Appeal Nos. 7422-7423 of 2022 before the Supreme Court. These were heard alongside connected Civil Appeal No. 91 of 2024.

Court Order Details

A bench comprising Justice J.B. Pardiwala and Justice K. Vinod Chandran dismissed the appeals after hearing counsel for both parties. The court also disposed of any pending applications related to these matters.

The company disclosed this development to the Bombay Stock Exchange on September 8, 2026, under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. This update follows an earlier disclosure dated May 5, 2022.

Regulatory Impact Assessment

The dismissal confirms the validity of the original SEBI penalties or directives issued in 2020. With all appellate remedies exhausted, the company must now comply with the earlier regulatory orders without further judicial intervention.

Crucially, the company stated that the outcome has no material financial impact. The five-year debarment from accessing securities markets, imposed in September 2020, expired on September 2, 2025, during the pendency of the appeals. Additionally, the monetary penalty of ₹1 lakh imposed by the Adjudicating Officer on August 30, 2022, was already paid under protest.

Disclosure Delay Explanation

The company faced a query from the exchange regarding a delay in disclosing the August 18 order. The signed order was digitally signed on August 20, 2026, after office hours. The company attributed the late filing to belated intimation from its advocate due to personal difficulties, stating there was no intent to withhold information.

Raghuvansh Agrofarms has dispatched the notice for its 30th Annual General Meeting and the annual report for FY26 to shareholders. The communication was sent on August 29, 2026, via permitted modes to members who have not registered email addresses with the company or depositories.

This dispatch complies with Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Shareholders can access the complete annual report and AGM notice through web links provided in the communication. The company also reminded physical shareholders to update their KYC details, including PAN and bank account information, as mandated by SEBI circulars effective from April 1, 2024.

Meeting Schedule and Business

The register of members and share transfer books will remain closed from September 18, 2026, to September 25, 2026. This closure determines eligibility for the AGM scheduled for September 25, 2026, at 11:00 am at the company’s registered office in Kanpur, Uttar Pradesh.

Shareholders will transact ordinary business, including adopting the audited financial statements for FY26. Special business includes board appointments.

Director Appointments

Ms. Kavya Agarwal retires by rotation and offers herself for reappointment. She holds no equity shares and is the daughter of Managing Director Mr. Subodh Agarwal.

Under special business, shareholders will vote to appoint Mr. Akhilesh Kumar Dwivedi as a Non-Executive Independent Director. The Nomination and Remuneration Committee recommended his appointment based on his skills and experience.

Independent Director Profile

Mr. Dwivedi is a retired Wing Commander from the Indian Air Force with over 34 years of experience in operations management, legal frameworks, and financial auditing. He holds a Master of Commerce degree, a Bachelor of Laws degree, and is a qualified Company Secretary. He has cleared the Chartered Accountant (Inter) examination and does not hold any equity shares in Raghuvansh Agrofarms.

Meeting Logistics

Members may appoint a proxy, who need not be a member. Proxies must be received at least 48 hours before the meeting. Corporate members must submit a certified copy of their board resolution. Joint holders’ voting rights are determined by the order of names registered.