Bhageria Industries Limited has notified stock exchanges about the adjournment of proceedings at the Securities Appellate Tribunal (SAT) regarding a matter involving the company's promoters and directors. The tribunal has rescheduled the case for final disposal to May 5-7, 2026.

Case Background and Timeline

The SAT matter relates to an application filed by the company's promoters, promoter group, and directors challenging an adjudication order dated March 31, 2023 passed by the Securities and Exchange Board of India (SEBI). The case has seen multiple adjournments, with the matter previously scheduled for January 8, 2026, then moved to March 12, 2026.

Current Status and Implications

The company has confirmed that the SEBI order dated March 31, 2023 remains stayed during the pendency of the SAT proceedings. This stay will continue until the final disposal of the matter scheduled for May 5-7, 2026. The company has indicated that a copy of the adjournment order passed by SAT is awaited.

Regulatory Compliance

Bhageria Industries has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Regulations by informing both the National Stock Exchange of India Limited and BSE Limited about the development. The company has also provided requisite details as required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

The disclosure was signed by Deepa Toshniwal, Company Secretary and Compliance Officer, and submitted to the exchanges on March 12, 2026. The company has requested the exchanges to take this information on record as part of its ongoing compliance with listing requirements.

Bhageria Industries Limited has received a voluntary closure direction from the Maharashtra Pollution Control Board (MPCB) for its Tarapur manufacturing facility following an oleum tank incident. The company informed stock exchanges about the regulatory communication through detailed filings under SEBI disclosure requirements.

MPCB Closure Direction Details

The company received a notice (Ref. No. MPCB/ROT/VCD/134) from the Regional Officer, MPCB Thane, directing the voluntary closure of the sulphonation section of its H Acid Product manufacturing unit. The direction was issued under Section 33A of the Water (Prevention & Control of Pollution) Act, 1974 and Section 31A of the Air (Prevention & Control of Pollution) Act, 1981.

Incident Background and Safety Response

The closure direction follows an incident involving the fall of a measuring tank containing oleum, which resulted in leakage and spread of oleum fumes in the surrounding area, creating a temporary fog-like situation. The company confirmed that there were no injuries or casualties reported from the incident.

As a precautionary measure, all personnel were safely evacuated from the affected area. The MPCB has directed the voluntary closure as a precautionary measure and for safety purposes, considering the nature of the incident.

Compliance and Next Steps

The company stated that it will conduct a safety audit shortly and obtain the required approvals from MPCB and the Directorate of Industrial Safety and Health (DISH) before resuming operations. Bhageria Industries emphasized that its operations have always been conducted in compliance with all applicable environmental and statutory laws.

Financial and Operational Impact

According to the company's disclosure, there is no financial or material impact expected from this closure direction. The company has not specified the duration of the closure or provided a timeline for resuming operations, which will depend on completing the safety audit and obtaining necessary regulatory approvals.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring complete transparency with stakeholders about the regulatory communication and its implications.