Sai Industries Ltd. vs BSE Limited on 9 October 2026

ORDER

DATED 11.12.2025 PASSED BY RESPONDENT-BSE LTD.

THIS APPEAL COMING ON FOR HEARING THIS DAY, THE TRIBUNAL MADE THE FOLLOWING:

O R D E R

Per: Justice P.S. Dinesh Kumar, Presiding Officer (Oral)

For the reasons stated therein, the application for condonation of delay is allowed. Delay of 174 days is condoned. The Misc. Application No. 680 of 2026 is disposed of.

2. Misc. Application No. 681 of 2026 for exemption is allowed and disposed of.

3. This appeal is directed against order dated 11.12.2025, passed by the BSE limited (‘BSE’ for short) directing delisting of equity shares of the Company from BSE’s platform.

4. We have heard Ms. Rinku Valanju, learned Advocate for the appellant and Ms. Zarnaab Aswad, learned Advocate for BSE.

5. On previous dates of hearing, it was submitted by Ms. Valanju, learned Advocate for the appellant that all compliances were made and the same was denied by Ms. Aswad. Accordingly, as requested by the learned Advocate for the appellant, we had adjourned the matter.

6. Today, Ms. Valanju for appellant submitted that all compliances are done, SOP fines have been paid and prayed that the listing may be restored.

7. Ms. Aswad for BSE, on instructions, confirmed that all compliances have been made and SOP fines paid. The process of revocation of suspension remains to be undertaken. She submitted that in the peculiar facts of this case, the listing will be restored. She submitted that similarly situated Companies, after obtaining order from this Tribunal have failed to comply with the requirements after restoration.

8. In reply, Ms. Valanju submitted that if appellant fails to do the compliances as directed by this Tribunal within four weeks, BSE may restore the delisting status of the appellant-Company pursuant to the impugned order.

9. In view of the above, the following:

ORDER

i. The appeal is disposed of by placing the submissions of the learned Advocate for the appellant on record.

ii. The BSE Limited shall restore the listing of the Company forthwith.

iii. The appellant Company shall ensure continuous compliances of the LODR Regulations and other applicable laws on an ongoing basis.

iv. In case the appellant Company fails to comply with the extant norms for revocation of suspension within four weeks from the date of the restoration of listing, BSE shall be at liberty to take action in accordance with law including restoration of ‘delisting’ status based on appellant’s undertaking recorded in Paragraph No. 6 above.

v. BSE shall direct defreezing of demat accounts of the promoters and promoter group of the appellant company, only after relisting of appellant Company’s shares.

vi. The appeal stands disposed of in above terms.

vii. Pending interlocutory application(s), if any, stand disposed of.

viii. No costs.

Justice P.S. Dinesh Kumar

Presiding Officer

Ms. Meera Swarup Technical Member

Dr. Dheeraj Bhatnagar Technical Member 09.10.2026 msb

MADHUKAR BHALBAR Digitally signed by MADHUKAR BHALBAR Date: 2026.10.12 17:07:31 +05'30'