Trucap Finance Limited has provided an update to stock exchanges regarding the interim order from the Securities Appellate Tribunal (SAT) in connection with an open offer by Marwadi Chandarana Intermediaries Brokers Private Limited. The communication, dated March 27, 2026, outlines recent developments in the ongoing proceedings.

Tribunal Proceedings Update

The matter was scheduled for hearing on March 25, 2026, where the Hon'ble Tribunal made key decisions regarding the case timeline. The tribunal granted the appellant a period of two weeks to file a rejoinder in the proceedings. Additionally, the tribunal ruled that the existing interim order will remain in effect until the next scheduled hearing.

Background and Context

This update follows the company's previous submission made on February 25, 2026, regarding the same matter. The proceedings involve an open offer made by Marwadi Chandarana Intermediaries Brokers Private Limited, acting as the acquirer, to shareholders of Trucap Finance Limited as the target company.

Next Steps

The case has been listed for the next hearing on April 24, 2026. The interim order issued by the tribunal will remain effective during this period, maintaining the current status quo until further judicial determination. The appellant has been provided adequate time to prepare and submit their rejoinder as part of the ongoing legal proceedings.

The company has fulfilled its regulatory disclosure obligations by informing both the National Stock Exchange of India Limited and Bombay Stock Exchange Limited about these developments through Sundae Capital Advisors Private Limited, which handled the communication on behalf of Trucap Finance Limited.

Trucap Finance Limited has provided an update to stock exchanges regarding the ongoing Securities Appellate Tribunal (SAT) proceedings in the matter of an open offer by Marwadi Chandarana Intermediaries Brokers Private Limited. The company's communication, dated February 25, 2026, outlines the latest developments in this regulatory matter.

SAT Hearing Developments

Following the previous hearing on February 11, 2026, where the Hon'ble Tribunal had passed an interim order to maintain status quo, the tribunal conducted another hearing on February 20, 2026. During this session, significant procedural decisions were made regarding the timeline for submissions and the continuation of the interim order.

Tribunal Directions and Timeline

The Hon'ble Tribunal has established a structured timeline for the proceedings. The respondent has been granted two weeks from the February 20, 2026 hearing date to file their reply. Subsequently, any rejoinder may be filed within two weeks after the reply submission. The tribunal emphasized that the interim order maintaining status quo will continue until the next date of listing.

Legal Representation and Urgency

Both parties were represented by senior advocates who submitted that the matter requires urgent consideration due to the 'open offer' requirement. They requested the tribunal to consider disposal of the appeal at the admission stage itself. The appellant, Marwadi Chandarana Intermediaries Brokers Ltd., was represented by Mr. Janak Dwarkadas, Senior Advocate, while the Securities & Exchange Board of India was represented by Mr. Chetan Kapadia, Senior Advocate.

Procedural Outcomes

The tribunal disposed of Exemption Application bearing No. 144 of 2026, allowing the same. The proceedings involve multiple applications alongside the main appeal, indicating the complexity of the regulatory matter. The tribunal's order was digitally signed and uploaded on the Hon'ble Tribunal website on February 24, 2026.

Current Status

The interim order continues to remain in effect, maintaining the status quo in the open offer proceedings. The next hearing is scheduled for March 25, 2026, by consent of both parties. Trucap Finance Limited has submitted a copy of the tribunal's order to both the National Stock Exchange of India Limited and Bombay Stock Exchange Limited for their reference and records.