SEPC Limited faces interim attachment of ₹154.63 crore trade receivables by High Court
The Hon'ble High Court of Madras has ordered an interim attachment of ₹154.63 crore in trade receivables for SEPC Limited, out of a total of ₹449.62 crore. This action is part of enforcing a foreign award. An auditor has been appointed to review the company's affairs, with the attachment to continue until the audit report is submitted.
The attachment of a significant portion of trade receivables and the appointment of an auditor to scrutinize the company's affairs can have a substantial impact on SEPC Limited's operations, cash flow, and financial standing.
The court's order imposing an interim attachment of trade receivables and appointing an auditor indicates a negative development for the company, suggesting potential financial distress or legal complications.
SEPC Limited (formerly Shriram EPC Limited) has received an order from the Hon'ble High Court of Madras concerning previous intimations regarding an order passed by the court. The order, passed on February 19, 2026, and uploaded on February 23, 2026, was received by the company on February 27, 2026.
As per the court's order, the foreign award in favor of the petitioners is enforceable in India. The court has appointed an Auditor/Audit Firm to examine the affairs of SEPC Limited and has passed an order of interim attachment of trade receivables to the tune of ₹154,63,23,499 out of the total trade receivables of ₹449,62,35,793. This attachment will remain in effect until the auditor's report is submitted. The court noted that SEPC Limited has been projecting a different financial picture to the public compared to its submissions in court, and the interim attachment is intended to safeguard the interest of the award holder.
The court has appointed Mr. Puneet Garkhel of PriceWaterHouseCoopers to conduct the audit. The scope of work includes identifying SEPC Limited's liabilities to banks, payable dates, crystallized liabilities, and actual assets. SEPC Limited is required to provide access to relevant agreements, bank account details, financial statements, and other necessary information to the audit firm. The professional expenses for the audit will be borne by the award holder. The court has scheduled the next hearing for March 23, 2026, to review the audit report.
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SEPC Limited filed this with the NSE as a statutory disclosure, categorised under litigation updates. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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