The Securities Appellate Tribunal (SAT) has dismissed Linde India’s appeal regarding the SEBI order on related party transactions (RPT). The order, dated December 5, 2025, dismisses the appeal without costs, affirming SEBI’s stance. The case involves concerns about shareholder approvals for material RPTs with Praxair India Private Limited and compliance with LODR Regulations.
SAT Upholds SEBI Order
The Securities Appellate Tribunal (SAT) has dismissed the appeal filed by Linde India concerning the order passed by SEBI regarding related party transactions. The SAT order, issued on December 5, 2025, supports the original SEBI directive.
Key Details of the Order
The SAT’s decision includes the following key points:
- The appeal filed by Linde India has been dismissed.
- All pending interlocutory applications related to the appeal are also dismissed.
- The order imposes no costs.
Background of the Dispute
The initial SEBI order, dated July 24, 2024, cited concerns about Linde India’s compliance with regulations regarding shareholder approvals for material related party transactions, specifically those undertaken with Praxair India Private Limited. These concerns included:
- Failure to obtain necessary shareholder approvals for material RPTs.
- Disagreement over the Business Allocation Protocol within the Joint Venture Agreement dated March 24, 2020, and its classification as a material RPT requiring minority shareholder approval.
Company’s Next Steps
Linde India has stated that it is currently examining the next steps to be taken in response to the SAT order and is analyzing the potential impact on the company’s financial operations.
Source: BSE