The Securities Appellate Tribunal (SAT) case involving Rushil Decor Limited and Vespera Fund Limited has reached a decisive conclusion with the company's Fund Raising Committee approving the forfeiture of convertible warrants worth ₹7.43 crores. This development follows the expiry of SAT's status quo order and Vespera Fund's agreement to the forfeiture decision.

Fund Raising Committee Decision

The Fund Raising Committee of Rushil Decor's Board of Directors, in its meeting held on December 12, 2025, approved the forfeiture of ₹7.43 crores representing 25% of the amount paid on 10 lakh convertible warrants. The decision was taken due to non-receipt of the remaining 75% consideration from Vespera Fund Limited.

Background and SAT Proceedings

The case originated from Vespera Fund Limited's appeal against SEBI's order concerning Rushil Decor's convertible warrants. SAT had initially dismissed Vespera Fund's appeal against SEBI's order and extended the status quo on 1,000,000 warrants for six weeks. The latest status quo direction given by SAT for a period of two weeks by virtue of order dated November 20, 2025, expired on December 10, 2025.

Mutual Agreement on Forfeiture

Following the expiry of SAT's status quo order, Rushil Decor initiated communication with Vespera Fund Limited to determine the further course of action. The company received communication from Vespera Fund Limited agreeing to the company's decision to forfeit the warrants, paving the way for the Fund Raising Committee's formal approval.

Regulatory Compliance

The forfeiture decision has been taken in accordance with Regulation 169(3) of Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. This regulation governs the forfeiture of warrants when the warrant holders fail to pay the remaining consideration within the stipulated timeframe.

Impact and Next Steps

With the forfeiture now formalized, Rushil Decor will retain the ₹7.43 crores paid as 25% consideration while the 10 lakh convertible warrants will cease to exist. The company has disclosed this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency for all stakeholders. The matter details are also being made available on the company's website at www.rushil.com .

Rushil Decor , a leading player in the Indian decorative laminate and MDF panel board industry, has announced significant progress in its expansion plans. The company has commenced trial production at Phase 2 of its state-of-the-art Jumbo Laminate Plant, marking a crucial step towards achieving its ambitious revenue target.

Expansion Highlights

• Trial Production: Rushil Decor has initiated trial run production for Phase 2 of its Jumbo Size Laminates manufacturing facility.
• Location: The new plant is situated at Village Itla, Near Kalyanpura Patia, Gandhinagar-Mansa Road, Taluka Mansa, District Gandhinagar, Gujarat.
• Capacity Increase: Phase 2 adds approximately 1.60 million sheets per annum to the production capacity (based on 1 mm thickness).
• Total Capacity: With the completion of Phase 2, the combined production capacity from both phases reaches 2.80 million sheets per annum.

Financial Projections

Rushil Decor has set ambitious targets following this expansion:

Strategic Focus

Mr. Rushil K. Thakkar, Managing Director of Rushil Decor Limited, emphasized the company's strategic direction: "The expansion through Phase 2 not only strengthens our product portfolio but also enhances capacity, scale, and global competitiveness. Our strategic focus remains on innovation, capacity augmentation, and expanding our footprint in both domestic and international markets."

Market Outlook

• The company has secured export orders for a significant portion of its total Jumbo laminates capacity.
• Rushil Decor is poised to ramp up full-scale production in the upcoming quarters.
• The expansion aims to address the growing global demand for high-quality, value-added laminates.
• The company is reinforcing its position as a premium supplier in key international markets, including the USA, Europe, and other developed Western markets.

Project Timeline

The Phase 2 expansion aligns with Rushil Decor's commitment to complete the project by Q3 FY26, as previously outlined. This brownfield development is expected to positively contribute to both top-line and bottom-line performance during FY 2025-26.

Rushil Decor's strategic expansion and focus on high-growth international markets position it well to capitalize on the increasing demand for quality wood panel products. As the company progresses with its growth plans, investors and industry observers will be keenly watching its performance in the coming quarters.