Global High-Priority Regulatory Events — March 14, 2026

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14-03-2026

Reliance Communications Limited (RCOM) disclosed that its subsidiary Reliance Telecom Limited (RTL) had its loan account classified as 'fraud' by State Bank of India's Fraud Identification Committee via a letter dated March 11, 2026, with the name to be reported to RBI; this pertains to pre-CIRP loans including ₹125 Cr from SBI out of RTL's aggregate ₹375 Cr borrowings. Both RCOM and RTL are under CIRP since 2019, with resolution plans approved by creditors but awaiting NCLT approval, providing legal protections under Sections 14, 32A, and 238 of the IBC against proceedings and liabilities. The forensic audit highlighted misutilization, including ₹221.94 Cr paid to connected parties, though no immediate financial impact due to insolvency proceedings.

• ·SBI's fraud classification follows reversal of 2020 classification due to Supreme Court judgment on March 27, 2023, and re-issuance of Show Cause Notices on December 20, 2023, with no substantive response from RTL's Resolution Professional.
• ·NPA declaration date for RTL account: August 26, 2016.
• ·Fraud Identification Committee meeting: February 21, 2026; Forensic Audit Report by BDO India LLP dated October 15, 2020.

14-03-2026

Embassy Developments Limited (Scrip Code: 532832/EMBDL) updated on NCLAT proceedings on March 13, 2026, where the company's submissions were completed, but the matter was adjourned to March 19, 2026, at the respondents' request. The NCLT order admitting Corporate Insolvency Resolution Process (CIRP) remains stayed by NCLAT and inoperative. The company confirms it continues to operate fully and remains financially sound.

• ·Previous intimation dated February 28, 2026
• ·Scrip Code: 532832/EMBDL

14-03-2026

Reserve Bank of India imposed a monetary penalty of ₹2.70 L on Manappuram Finance Limited for non-compliance with RBI directions on deferral of variable pay to two Key Managerial Personnel for FY 2024-25, observed during statutory inspection. The company states the penalty has no material impact on financials, operations, or other activities. Manappuram has revised its remuneration policy with deferral, malus, and clawback provisions, and is recovering the deferred portion from the two KMPs in instalments.

• ·RBI Speaking Order dated March 09, 2026
• ·RBI communication letter dated March 13, 2026
• ·Non-compliance pertains to FY 2024-25 statutory inspection
• ·Penalty under Section 58G(1)(b) read with Section 58B(5)(aa) of RBI Act, 1934

14-03-2026

Sayaji Hotels (Indore) Limited's insolvency petition under Section 9 of the IBC, filed by Ujaas Energy Limited (CP(IB)/60(MP)2025), has been disposed of by the Hon’ble NCLT Indore Bench following an amicable settlement and withdrawal application (IA/131(MP)/2026) filed on February 27, 2026. The NCLT order was pronounced on March 11, 2026, and received by the company on March 14, 2026, fully concluding the proceedings. No financial impact or ongoing liabilities mentioned.

• ·Petition details: CP(IB)/60(MP)2025 filed by Ujaas Energy Limited (CIN: L35201MP1999PLC013571) against Sayaji Hotels (Indore) Limited (CIN: L55209MP2018PLC076125).
• ·Earlier BSE intimations: August 21, 2025; February 27, 2026; February 28, 2026.
• ·Withdrawal order: IA/131(MP)/2026 allowed on March 9, 2026.

14-03-2026

Tijaria Polypipes Limited disclosed under Regulation 30 of SEBI LODR a petition filed by Bank of India against the company at NCLT Jaipur, titled 'Bank of India Vs. Tijaria Polypipes Ltd.', with case number IA(I.B.C.)/258(JPR)2025. The case is scheduled for listing on April 10, 2026, before the Jaipur bench. This indicates significant financial distress and potential insolvency proceedings.

• ·Scrip Code: 533629, NSE Symbol: TIJARIA
• ·CIN: L25209RJ2006PLC022828
• ·Disclosure reference: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

14-03-2026

Share India Securities Limited held Court Convened Meetings on March 13, 2026, for Equity Shareholders, NCD Holders, Secured Creditors, and Unsecured Creditors to approve the Scheme of Amalgamation with Silverleaf Capital Services Private Limited, pursuant to NCLT orders dated October 17, 2025, and November 24, 2025. All resolutions passed with requisite majorities, including 99.825% of polled equity votes (63.178% turnout on 218.83 million shares) in favor and only 0.175% against; public shareholders approved with 99.47% in favor and 0.53% against. No significant opposition noted across stakeholder classes.

• ·Meetings: Equity Shareholders (12:01-12:19 pm), NCD Holders (2:30-2:44 pm), Secured Creditors (3:30-3:41 pm), Unsecured Creditors (4:30-4:41 pm), all via VC/OAVM.
• ·Remote e-voting period: March 9, 2026 (9:00 AM) to March 12, 2026 (5:00 PM).
• ·Promoter group: 100% in favor on 86.75% polled; Public: 76.26% in favor on 24.87% polled.

14-03-2026

Hindustan Organic Chemicals Limited (HOCL) submitted a corporate announcement to BSE regarding newspaper advertisements published by merchant banker Capital Square Advisors Private Limited, informing residual public shareholders of its subsidiary Hindustan Fluorocarbons Limited (HFL) about the exit opportunity and exit letter of offer in the delisting process. HFL has been delisted from BSE records effective February 6, 2026. Advertisements appeared in Financial Express (all editions), Jan Satta (Hindi all editions), and Nava Telangana (Telugu Hyderabad edition).

• ·HFL delisted from BSE w.e.f. February 6, 2026

14-03-2026

Bhagyanagar India Limited informed stock exchanges about the successful proceedings of NCLT-directed meetings held on March 14, 2026, to approve the Composite Scheme of Arrangement involving Bhagyanagar Copper Private Limited (wholly-owned subsidiary, Transferor Company), Bhagyanagar India Limited (Transferee/Demerged Company), and Tieramet Limited (Resulting Company). The Trade Creditors' meeting of Bhagyanagar Copper Pvt Ltd, attended by 28 creditors, passed the resolution with the requisite majority via physical poll. The Equity Shareholders' meeting of Bhagyanagar India Ltd, with 46 members present in person and requisite quorum, concluded positively with e-voting on the scheme, shareholders expressing confidence in management despite queries on future prospects and impacts.

• ·NCLT Hyderabad Bench order dated January 29, 2026, directing meetings (CA (CAA) No. 05/230/HDB/2026)
• ·Meeting notices dated February 9, 2026, dispatched February 11, 2026
• ·Trade Creditors meeting: 12:00 PM to 12:45 PM at Surya Towers, Secunderabad
• ·Equity Shareholders meeting: 1:00 PM to 1:44 PM via VC/OAVM, remote e-voting closed March 13, 2026, 5:00 PM

14-03-2026

The National Company Law Tribunal (NCLT), Ahmedabad Bench, approved the Scheme of Arrangement for demerger of the Power Evacuation Business from Inox Green Energy Services Limited (IGESL) to Inox Renewable Solutions Limited (IRSL) on March 13, 2026, effective from the Appointed Date of October 1, 2024. All stakeholder meetings, including equity shareholders, warrant holders, secured and unsecured creditors of both companies, passed resolutions unanimously or with near-unanimous approval (e.g., 99.781% for IGESL equity shareholders). No opposition votes were recorded, and the final detailed order is awaited.

• ·Meetings held on November 1-2, 2025, via NSDL VC platform; notices published September 30, 2025.
• ·IGESL CIN: L45207GJ2012PLC070279; IRSL CIN: U40106GJ2020PLC112187.
• ·Equity shares of IGESL listed on BSE (543667) and NSE (INOXGREEN); IRSL NCDs listed on BSE debt segment.