Refex Renewables & Infrastructure Limited has received relief from the Securities Appellate Tribunal (SAT) regarding the penalty imposed by the Securities and Exchange Board of India (SEBI) on its Promoter & Non-Executive Director. The tribunal has granted a conditional stay on the recovery of the penalty in an insider trading case related to Refex Industries Limited scrip.

SAT Order Details

The Securities Appellate Tribunal issued an order on February 13, 2026, granting a stay on the recovery of penalty under SEBI's adjudication order dated December 12, 2025. The stay comes with specific conditions that must be fulfilled within a stipulated timeframe.

Background of the Case

SEBI had passed an adjudication order on December 12, 2025, imposing a penalty on Mr. Anil Jain, who serves as Promoter & Non-Executive Director of Refex Renewables & Infrastructure Limited. The penalty was related to alleged insider trading activities of certain entities in Refex Industries Limited scrip. Following this order, Mr. Jain filed an appeal before the Securities Appellate Tribunal challenging SEBI's decision.

Regulatory Compliance and Disclosure

Refex Renewables & Infrastructure Limited has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Regulations. The company provided comprehensive details about the SAT communication and its implications through a formal disclosure to BSE Limited.

Impact Assessment

The company has clearly stated that this development will have no financial, operational, or monetary impact on Refex Renewables & Infrastructure Limited. The stay order specifically relates to the penalty imposed on Mr. Anil Jain in his individual capacity as Promoter & Non-Executive Director, rather than on the company itself.

The conditional nature of the stay requires Mr. Jain to deposit 50% of the penalty amount with SEBI within four weeks from February 13, 2026, to maintain the stay on recovery proceedings. This arrangement provides temporary relief while the appeal process continues before the Securities Appellate Tribunal.

Refex industries Limited has announced securing a significant order worth ₹49.22 crore for material handling and transit operations for bulk commodity material. The contract, awarded by a Mini Ratna Company, spans a period of 3 years and represents a substantial addition to the company's order book.

Order Details and Scope

The comprehensive contract encompasses material handling and transit operations specifically designed for bulk commodity material. This domestic order demonstrates the company's capabilities in handling large-scale logistics and material management operations.

Contract Specifications

The order involves comprehensive scope of supply and services focused on material handling and transit operations for bulk commodity material. The domestic nature of the contract aligns with the company's operational capabilities and market presence in India.

Regulatory Compliance

The company has confirmed that this order does not constitute a related party transaction and has been executed at arm's length. Additionally, the promoter, promoter group, or group companies have no interest in the entity that awarded the contract, ensuring complete transparency in the business arrangement.

Strategic Significance

This substantial order reinforces Refex Industries' position in the material handling and logistics sector. The 3-year contract duration provides revenue visibility and demonstrates the client's confidence in the company's operational capabilities and service delivery standards.