sebi:WTM/AB/CFID/CFID-SEC3/30804/2024-25
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Direction issued to valuer to maintain confidentiality
Provisions invoked
- s. 19
Regulations
- Reg. 23(4)
- Reg. 23(1)
Parties
- Linde India Ltd.
Holding
SEBI directed M.M. Nissim and Co. LLP to maintain strict confidentiality of the information shared by Linde India Ltd. for the valuation exercise as directed by the Securities Appellate Tribunal vide Order dated September 13, 2024.
Full text
Order in the matter of Linde India Ltd. Page 2 of 3 “a. LIL shall test the materiality of future RPTs as per the threshold provided under Regulation 23(1) of the LODR Regulations on the basis of the aggregate value of the transactions entered into with any related party in a financial year, irrespective of the number of transactions or contracts involved. b. In the event, the aggregate value of the RPTs, calculated as provided in clause (a), exceeds the materiality threshold provided under Regulation 23(1), LIL shall obtain approvals as mandated under Regulation 23(4) of the LODR Regulations. c. NSE shall appoint a registered valuer to carry out a valuation of the business foregone and received, including by way of geographic allocation, in terms of Annexure IV of the JV&SHA.”
Order in the matter of Linde India Ltd. Page 3 of 3 5. In this regard it is relevant to note that LIL preferred an appeal (Diary No. 42770 of 2024) before Hon’ble Supreme Court against the aforesaid Order of Hon’ble SAT. Hon’ble Supreme Court heard the said appeal of LIL on September 23, 2024 and was not inclined to interfere with the directions passed by Hon’ble SAT in the matter.
3. LIL again preferred an appeal (Appeal No. of 2024) against the SEBI Order before Hon’ble SAT. LIL also field Miscellaneous Applications No. 911 of 2024 and No. 941 of 2024 seeking an urgent hearing and interim stay of the directions issued by SEBI during the pendency of the appeal before the Hon’ble SAT. The Hon’ble SAT vide Order dated August 21, 2024, disposed of the miscellaneous applications without granting any relief to LIL.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/CFID/CFID-SEC3/30804/2024-25. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.