SEPC Limited: High Court Madras allows ₹15.69 crore appropriation, permits ₹2 crore for salaries
The High Court of Madras has permitted SEPC Limited to appropriate up to ₹15.69 crore from its Trust & Retention Account for bank dues. The company can use ₹2 crore for salaries. Twarit Consultancy Services Pvt. Limited must deposit ₹2.5 crore and provide fund sources. The next hearing is on June 23, 2026.
The court's decision directly impacts the company's cash flow management by allowing appropriation of funds for dues and salaries. Although the company claims no direct financial impact due to indemnification, the interim directions and future hearing dates are significant for ongoing legal proceedings.
The court order permits appropriation of funds for bank dues and salaries, which is a procedural update. While it allows some flexibility, it does not represent a significant positive or negative development for the company's core business or financials, especially given the existing indemnification.
SEPC Limited has provided an update regarding an order passed by the Hon'ble High Court of Madras on April 30, 2026. The court has permitted the consortium of banks to appropriate up to ₹15.69 crore from the Trust & Retention Account towards dues payable under the approved resolution plan. Additionally, SEPC Limited (JD 2) has been allowed to utilize up to ₹2 crore exclusively for the payment of salaries.
Furthermore, JD 1 (Twarit Consultancy Services Pvt. Limited) has been directed to deposit ₹2.5 crore with the Registrar General of the High Court within 15 days and to file an affidavit regarding the source of funds for ₹7.5 crore per quarter. The matter has been posted for further hearing on June 23, 2026. The company stated that there would not be any financial impact on SEPC Limited as it stands fully indemnified against any matters arising out of the Arbitral Award. The previous attachment of trade receivables of approximately ₹154 crore is being dealt with under the indemnification arrangement, with no direct quantifiable impact on SEPC Limited.
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SEPC Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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