Riddhi Siddhi Gluco Biols Limited Faces Setback as Supreme Court Upholds SAT Order
Riddhi Siddhi Gluco Biols Limited announced on March 20, 2026, that the Supreme Court of India upheld an order passed by the Securities Appellate Tribunal (SAT) on March 9, 2026. The appeals were initially filed by Riddhi Siddhi Gluco Biols Limited and other appellants challenging the SAT order.The case relates to orders passed by the Securities and Exchange Board of India (SEBI) concerning violations of Minimum Public Shareholding (MPS) requirements and allegations regarding the company’s delisting.
The company stated that it will take necessary steps to comply with the directions of the Securities Appellate Tribunal in accordance with applicable rules and regulations.
As of March 19, 2026, the company has already deposited a penalty of 500,000 Rupees with SEBI, as directed by the SAT on August 12, 2021, following an order by the Adjudicating Officer issued on July 2, 2021. This penalty was imposed on the company and two of its promoter directors.
The company reported no quantifiable monetary impact on its financial, operational, or other activities resulting from the Supreme Court's decision.
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