India SEBI Regulatory Enforcement Actions — March 17, 2026

17-03-2026

Camlin Fine Sciences Limited (CFSL) has postponed filing its mandatory simplified cash tender offer (OPAS) for remaining Vinpai shares from end-February 2026 to early May 2026 due to Indian foreign exchange regulations and the upcoming publication of Vinpai's 2025 annual financial statements on April 16, 2026, while keeping the offer price at €3.60 per share. Following the block acquisition of 78.68% share capital (84.89% voting rights) on November 27, 2025, and conversion of convertible bonds, CFSL now holds 83.82% of share capital and 80.86% of voting rights. CFSL has decided against implementing a squeeze-out procedure to maintain Vinpai's listing on Euronext Growth Paris for market visibility and financing support.

• ·Convertible bonds issued on October 20, 2025
• ·Previous OPAS filing announcement on December 23, 2025 targeted end of February 2026
• ·Vinpai ISIN: FR001400AXT1; mnemonic: ALVIN
• ·Vinpai 2025 annual financial statements publication scheduled for April 16, 2026

17-03-2026

National Aluminium Company Limited (NALCO) received fines of ₹5.43L each (including 18% GST on base fine of ₹4.60L) from BSE and NSE for non-compliance with SEBI LODR Regulation 17(1) related to insufficient independent directors for the quarter ended 31.12.2025. The Board, in its 365th meeting on 06.03.2026, took note of the penalties, attributed the issue to the Government of India's control over director appointments as a CPSE, and advised seeking waiver and expedited appointments. The company requested condonation of the non-compliance and waiver of fines, emphasizing lack of control over appointments.

• ·Non-compliance pertains to quarter ended 31.12.2025 under Regulation 17(1) of SEBI (LODR) Regulations, 2015.
• ·Company informed Ministry of Mines on 03.03.2026 requesting expedited independent director appointments.
• ·CIN: L27203OR1981GOI000920.

17-03-2026

R&B Denims Limited had a penalty of ₹43.66L imposed by the Assistant Commissioner of Central Goods and Services Tax, Gujarat, for an Input Tax Credit (ITC) availment issue, as announced on 18 April 2025. The appellate authority has now ruled in the company's favor, setting aside the penalty entirely. The company confirms no financial impact from this resolution.

• ·ISIN: INE012Q01021
• ·Scrip Code: 538119
• ·CIN: L17120GJ2010PLC062949
• ·Regulation: 30 of SEBI (LODR) Regulations, 2015

17-03-2026

CARE Ratings reaffirmed Godavari Biorefineries Limited's ratings at CARE BBB+ Stable for long-term bank facilities (₹653.83 Cr) and fixed deposits (₹85 Cr), and CARE A2 for short-term bank facilities (₹97 Cr), reflecting adequate FY25 performance despite industry headwinds. Consolidated TOI grew 11% YoY to ₹1,870.25 Cr in FY25 (from ₹1,686.67 Cr), driven by higher sugar sales, but PBILDT margin contracted 238 bps YoY to 5.55% due to rising cane prices, molasses shortages, and distillery profitability decline. In 9MFY26, TOI rose 10% YoY to ₹1,423.84 Cr (from ₹1,290.74 Cr) with net loss narrowing to ₹49 Cr from ₹95 Cr, though debt coverage metrics moderated with total debt/PBILDT at 4.93x.

• ·Sugar segment revenue contribution FY25: 36% (FY24: 33%)
• ·Distillery segment revenue contribution FY25: 31% (FY24: 33%)
• ·Bio-based chemicals segment revenue contribution FY25: 29% (FY24: 30%)
• ·Distillery EBIT margin FY25: 2.55% (prior: above 9%)
• ·Projected annual debt repayment: ₹30-35 Cr; public deposits maturity: ₹25-30 Cr
• ·Average working capital cycle: 75-80 days

17-03-2026

Hindustan Copper Ltd (HCL) received fines of ₹9.77L each from BSE and NSE (total ₹19.54L) for non-compliance with SEBI (LODR) Regulations 17(1), 18(1), and 19(1)&(2) regarding board and committee composition for the quarter ended December 31, 2025. As a government company, HCL attributes the issue to pending appointments of independent directors by the Ministry of Mines, Government of India, and the board discussed the matter on March 16, 2026, advising pursuit of exemption from the exchanges. The company has requested waiver of fines under the Uniform Carve Out Policy.

• ·Notices received on February 27, 2026 from BSE and NSE.
• ·Board meeting number 460 held on March 16, 2026.

17-03-2026

Promoter Madhav Bansidhar Shriram sold his entire holding of 36.48 L shares (4.19%) in DCM Shriram Fine Chemicals Ltd. through an off-market transaction on March 13, 2026, reducing his stake to zero as per SEBI Regulation 29(2) disclosure filed on March 17, 2026. The Persons Acting in Concert (PAC) collectively hold 43.59 Cr shares or 50.11% post-sale, unchanged from before. Total equity share capital remains steady at 8.70 Cr shares.

• ·Mode of sale: Off-Market (Off-Mkt)
• ·PAC #1: Alok Shriram Karta L. Bansi Dhar & Sons (HUF) holds 1.20 Cr shares (13.83%)
• ·PAC #3: Mrs. Urvashi Tilakdhar & Family holds 89.43 L shares (10.28%)
• ·PAC #4: Mr. Alok B. Shriram & Family holds 89.43 L shares (10.28%)
• ·PAC #5: Mr. Madhav B. Shriram & Family holds 89.42 L shares (10.28%)
• ·PAC #7: Akshay Foundation holds 29.76 L shares (3.42%)