Rathi Steel & Power Limited has secured a major legal victory after a Special Judge declined to take cognizance of a complaint filed by the Directorate of Enforcement (ED) against the company and its officials. The court order, received on March 06, 2026, provides significant relief in a case related to coal block allocation matters.

Court Decision Details

The Special Judge (PC Act) (CBI) (Coal Block Cases)-01 at Rouse Avenue District Court, New Delhi, has declined to proceed with the ED complaint that alleged money laundering offences. This decision affects multiple individuals associated with the company who were named in the original complaint.

Individuals Involved

The ED complaint had named several key officials of the company in connection with the alleged offences:

• Mr. Udit Rathi: Promoter and former CEO
• Mr. Pradeep Rathi: Member of Promoter Group and former Managing Director
• Mr. Kushal Kumar Agarwal: AVP and former Assistant General Manager

Background and Previous Developments

The company had previously informed the stock exchange about receiving summons in this matter through intimations dated November 26, 2024 and June 2, 2025. The case originated from coal block allocation issues and subsequent directions from the Hon'ble Supreme Court.

Business Impact Assessment

Rathi Steel and Power Limited has clarified that the favorable court order will not impact its operations. The company stated that it does not foresee any adverse effect on its financial operations and day-to-day business activities following this legal development.

Regulatory Compliance

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically under sub para 20 of Para A of Part A of Schedule III. The announcement was signed by Abhishek Verma, Whole Time Director (DIN: 08104325), ensuring proper corporate governance protocols were followed in communicating this significant development to stakeholders.

Rathi Steel & Power Limited has successfully obtained a waiver from BSE Limited for a regulatory fine that was levied against the company for non-compliance with listing obligations. The development represents a positive resolution to a compliance matter that had been pending since May 2025.

Fine Waiver Details

The company disclosed that BSE Limited's relevant department has favorably considered its request for waiver of the fine imposed for non-compliance with specific listing regulations. The waiver was communicated through an official email from the exchange dated February 26, 2026.

Regulatory Non-Compliance Background

The fine was originally levied by BSE Limited due to the company's non-compliance with Regulation 19(1)/19(2) of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. These regulations specifically pertain to the constitution of the Nomination and Remuneration Committee for the quarter ended March 31, 2025.

Company's Acknowledgment

Rathi Steel & Power Limited has acknowledged that it inadvertently failed to intimate the waiver communication to the exchange within the mandatory 24-hour timeframe upon receipt. This disclosure was made as part of the company's transparency obligations under Regulation 30 of the listing regulations.

Corporate Compliance

The disclosure was signed by Namita Lal Madan, Company Secretary and Compliance Officer, with membership number 32625. The communication was digitally signed and submitted to BSE Limited on February 28, 2026, requesting the exchange to take the waiver information on record.