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India NCLT Insolvency Resolution Filings — May 28, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

9 high priority 17 medium priority 26 total filings analysed

Executive Summary

Today's filings paint a complex picture for Indian markets, dominated by a flurry of activity from Ashok Leyland (8 filings) and a mix of strategic partnerships, regulatory issues, and insolvency proceedings.

The most significant portfolio-level trend is the divergence in margin performance: while Ashok Leyland's FY26 operating margin improved 31 bps YoY to 13.03%, its net profit margin contracted 42 bps, and Q4 margins slipped further, signaling cost pressures despite strong revenue growth. TTK Prestige similarly faces a margin squeeze from ~10% input cost inflation despite robust domestic demand. On a positive note, the IT sector shows strategic momentum, with TCS and Wipro announcing major AI partnerships (Mistral, ServiceNow) and Infosys extending its sports-tech deal through 2031, though no financial guidance was provided. A critical risk flag is the ongoing CIRP of Jatalia Global Ventures, now in its 25th CoC meeting after over two years, highlighting the slow pace of resolution under the IBC. Adani Power's secretarial compliance report revealing two instances of non-compliance (including a 23-day board composition gap) and a ₹2.5 lakh fine adds a governance concern. The most actionable opportunity lies in Ashok Leyland's improving balance sheet (debt-equity ratio down to 0.09 from 0.13) and strong cash flows, despite the margin headwinds, suggesting a potential value play for patient investors.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Company update · Corporate action · Insolvency · Board meeting

Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from May 27, 2026.

Investment Signals (10)

  • Ashok Leyland ↓ (BULLISH)
    ▲

    FY26 standalone revenue grew 13.6% YoY to ₹44,007 Cr, net profit up 7.9% YoY to ₹3,565.53 Cr, operating margin improved 31 bps to 13.03%, and debt-equity ratio improved to 0.09 from 0.13

  • TTK Prestige ↓ (BULLISH)
    ▲

    Q4FY26 domestic revenue grew 14.4%, operating EBITDA surged 43.8% to ₹81.7 Cr, and profit before tax rose 35.9% to ₹71.9 Cr, driven by strong appliance demand and cost initiatives

  • TCS (BULLISH)
    ▲

    Landmark strategic partnership with Mistral as first global systems integrator for Mistral Forge, targeting BFSI, manufacturing, healthcare, and public sector, with dedicated CoE

  • Wipro ↓ (BULLISH)
    ▲

    Expanded partnership with ServiceNow to embed agentic AI workflows across IT, HR, procurement, and cybersecurity, integrating Wipro Intelligence™ with ServiceNow AI Platform

  • Infosys ↓ (BULLISH)
    ▲

    Extended AI and digital innovation partnership with Roland-Garros through 2031, launching new AI-powered fan experiences including AI StatsBot and humanoid robot

  • Ashok Leyland ↓ (BEARISH)
    ▲

    Q4 standalone revenue up 18.9% YoY but net profit margin declined to 9.92% from 10.46% in Q4 FY25, and FY26 net cash from operations dropped 38.7% to ₹4,792.10 Cr from ₹7,819.42 Cr

  • TTK Prestige ↓ (BEARISH)
    ▲

    Input cost inflation of ~10% (up to 15% in some areas) expected to pressure margins, with price hikes deemed inevitable, and exports facing supply chain disruptions

  • Ashok Leyland ↓ (NEUTRAL)
    ▲

    Board approved ₹300 Cr NCD issuance on private placement basis, indicating potential debt-funded expansion or working capital needs despite improved leverage

  • Reliance Industries ↓ (NEUTRAL)
    ▲

    AGM scheduled June 19, 2026, with dividend of ₹6 per share (face value ₹10), and proposed re-appointment of Akash M. Ambani and Anant M. Ambani as directors

  • Jio Financial Services ↓ (BULLISH)
    ▲

    Annual Secretarial Compliance Report confirms full compliance with all SEBI regulations, no observations or non-compliances, indicating strong governance

Risk Flags (10)

  • Jatalia Global Ventures/CIRP Stalemate↓ [HIGH RISK]
    ▼

    Company has been under CIRP since March 7, 2024 (over 2 years), with 25th CoC meeting scheduled for May 29, 2026, indicating prolonged resolution process and potential value erosion for creditors

  • Adani Power/Governance Lapses↓ [HIGH RISK]
    ▼

    Board fell below required independent director threshold for 23 days (Nov 11-Dec 3, 2025), resulting in fines of ₹1,15,000 each from BSE and NSE; similar issue occurred in previous year (April 1-May 1, 2024), suggesting recurring compliance weakness

  • Adani Power/Regulatory Fines↓ [MEDIUM RISK]
    ▼

    Total fines of ₹2,50,000 paid for two non-compliances (board composition and XBRL filing delay), indicating operational lapses in regulatory compliance

  • Ashok Leyland/Q4 Margin Compression↓ [MEDIUM RISK]
    ▼

    Net profit margin declined to 9.92% in Q4 FY26 from 10.46% in Q4 FY25, despite 18.9% YoY revenue growth, suggesting rising costs or competitive pricing pressure

  • Ashok Leyland/Operating Cash Flow Decline↓ [HIGH RISK]
    ▼

    Standalone net cash from operations dropped 38.7% to ₹4,792.10 Cr in FY26 from ₹7,819.42 Cr in FY25, a significant deterioration in cash generation despite profit growth

  • TTK Prestige/Input Cost Inflation↓ [MEDIUM RISK]
    ▼

    Raw material cost inflation of ~10% (up to 15% in some areas) expected to pressure margins, with price hikes deemed inevitable, potentially impacting demand elasticity

  • TTK Prestige/Export Disruption↓ [MEDIUM RISK]
    ▼

    Exports faced supply chain disruptions despite order demand, dampening overall growth and highlighting vulnerability in international operations

  • IDBI Bank/Subsidiary Penalty↓ [LOW RISK]
    ▼

    Subsidiary IDBI Trusteeship Services penalized ₹2,00,000 by SEBI for debenture trustee compliance issues during July 2022-July 2024, indicating regulatory scrutiny on group entities

  • NRB Industrial Bearings/Related Party Guarantees↓ [MEDIUM RISK]
    ▼

    Issued corporate guarantees totaling ₹13 Cr for associate companies (₹8 Cr for NIBC, ₹5 Cr for NIBL-KORTA) involving promoter/promoter group members, with potential contingent liability despite arm's length claim

  • Tata Motors/Technical Non-Compliance↓ [LOW RISK]
    ▼

    One-day delay in intimating record date for NCDs (Feb 9, 2026), deemed technical and without adverse impact, but indicates procedural lapse in compliance

Opportunities (10)

  • Ashok Leyland/Balance Sheet Improvement↓ (OPPORTUNITY)
    ◆

    Debt-equity ratio improved to 0.09 from 0.13 (30.8% improvement), interest service coverage ratio surged to 62.47 from 34.95 (78.7% improvement), indicating significantly reduced financial risk and potential for higher dividend payouts or buybacks

  • Ashok Leyland/Indonesia Expansion↓ (OPPORTUNITY)
    ◆

    Board approved incorporation of wholly-owned subsidiary in Indonesia, signaling strategic international expansion into Southeast Asia's largest automotive market, with potential for revenue diversification

  • Ashok Leyland/Management Strength↓ (OPPORTUNITY)
    ◆

    Appointment of Mr. K M Balaji as Whole-Time Director & CFO (32 years experience, raised ₹2,000 Cr+ through NCDs, CII Leading CFO 2024-25) signals strong financial leadership continuity

  • TTK Prestige/Domestic Demand Momentum↓ (OPPORTUNITY)
    ◆

    Q4 domestic revenue growth of 14.4% driven by appliance demand (especially induction cooktops), with price hike taken mid-Q4 partially reflecting in Q4 and more in Q1FY27, suggesting pricing power

  • TCS/Mistral Partnership First-Mover Advantage (OPPORTUNITY)
    ◆

    Being first global systems integrator for Mistral Forge provides early-mover advantage in enterprise AI deployment across BFSI, manufacturing, healthcare, and public sector, with potential for significant revenue upside

  • Wipro/ServiceNow AI Integration↓ (OPPORTUNITY)
    ◆

    Expanded partnership embedding agentic AI workflows across core enterprise functions (IT, HR, procurement, cybersecurity) with specific solutions (SmartProcure, Telco Autonomous Networks, Cyber Transform) targeting operational efficiency improvements

  • Infosys/Roland-Garros Long-Term Deal↓ (OPPORTUNITY)
    ◆

    Extended AI and digital innovation partnership through 2031 (5+ years), providing recurring revenue visibility and showcasing AI capabilities for global sporting events

  • Ashok Leyland/Dheeraj Hinduja Re-appointment↓ (OPPORTUNITY)
    ◆

    Executive Chairman re-appointed for 3-year term effective Nov 26, 2026, providing leadership stability with over 30 years of strategic experience across automotive, finance, power, and IT sectors

  • Reliance Industries/AGM Catalyst↓ (OPPORTUNITY)
    ◆

    AGM on June 19, 2026, with dividend of ₹6 per share (60% payout on face value), and potential for strategic announcements during the meeting, providing near-term catalyst

  • Jio Financial Services/Compliance Excellence↓ (OPPORTUNITY)
    ◆

    Full compliance with all SEBI regulations (LODR, ICDR, SAST, PIT) with no observations or actions, indicating robust governance framework and reduced regulatory risk

Sector Themes (6)

  • Automotive Margin Divergence
    ◆

    Ashok Leyland's FY26 operating margin improved 31 bps to 13.03%, but net profit margin declined 42 bps to 8.10%, and Q4 net margin slipped further to 9.92% from 10.46% YoY, indicating that revenue growth is not translating proportionally to bottom line due to cost pressures [IMPLICATION: Investors should focus on net profit margin trends rather than operating margin improvements]

  • IT Sector AI Partnership Momentum
    ◆

    Three major IT firms (TCS, Wipro, Infosys) announced strategic AI partnerships/expansions in a single day, signaling aggressive positioning in enterprise AI. TCS with Mistral (first-mover advantage), Wipro with ServiceNow (agentic AI workflows), Infosys with Roland-Garros (sports-tech through 2031). None disclosed financial terms, suggesting early-stage revenue generation [IMPLICATION: Sector is investing heavily in AI capabilities; revenue visibility remains uncertain but long-term contracts provide stability]

  • Governance Compliance Divergence
    ◆

    Jio Financial Services reported full compliance with no observations, while Adani Power reported two non-compliances (board composition gap, XBRL filing delay) with fines, and Tata Motors had a technical non-compliance. This divergence highlights varying governance standards across large-cap companies [IMPLICATION: Investors should scrutinize secretarial compliance reports as leading indicators of governance quality]

  • Insolvency Resolution Slowdown
    ◆

    Jatalia Global Ventures' CIRP has been ongoing since March 2024 (over 2 years), with the 25th CoC meeting scheduled, indicating prolonged resolution process under IBC. This contrasts with the intended 330-day timeline, highlighting systemic delays in the insolvency framework [IMPLICATION: Creditors and investors in stressed assets should factor in extended timelines for resolution]

  • Capital Allocation Patterns
    ◆

    Ashok Leyland declared second interim dividend of ₹2.50 per share (no final dividend) while also approving ₹300 Cr NCD issuance, indicating balanced approach of returning capital to shareholders while raising debt for expansion. Reliance declared ₹6 per share dividend. TTK Prestige and Kansai Nerolac focused on employee stock compensation (RSU allotments) [IMPLICATION: Companies are prioritizing shareholder returns while maintaining investment capacity]

  • Related Party Transaction Scrutiny
    ◆

    NRB Industrial Bearings' corporate guarantees of ₹13 Cr to associate companies (involving promoter/promoter group members) and Reliance's AGM agenda including approval of material related party transactions for subsidiaries highlight ongoing regulatory focus on related party dealings [IMPLICATION: Investors should monitor related party exposure as potential risk factor]

Watch List (8)

  • Jatalia Global Ventures/25th CoC Meeting↓ (WATCH)
    👁

    May 29, 2026 - Outcome of the 25th Committee of Creditors meeting will be critical for resolution progress; watch for any resolution plan approval or liquidation recommendation

  • Reliance Industries/49th AGM↓ (WATCH)
    👁

    June 19, 2026 - Key events include adoption of financial statements, dividend declaration (₹6/share), re-appointment of Akash M. Ambani and Anant M. Ambani, and approval of material related party transactions; potential for strategic announcements

  • Adani Power/30th AGM↓ (WATCH)
    👁

    June 25, 2026 - Watch for shareholder questions on governance lapses (board composition non-compliance) and any management commentary on compliance improvements

  • Ashok Leyland/Indonesia Subsidiary Incorporation↓ (WATCH)
    👁

    Further disclosures under Regulation 30(6) expected post-incorporation; watch for details on investment size, timeline, and strategic rationale for Southeast Asian expansion

  • Ashok Leyland/NCD Issuance↓ (WATCH)
    👁

    ₹300 Cr NCD issuance on private placement basis; watch for coupon rate, tenure, and utilization details to assess cost of debt and expansion plans

  • TTK Prestige/Q1FY27 Results↓ (WATCH)
    👁

    Price hike taken mid-Q4 will fully reflect in Q1FY27; watch for impact on demand elasticity and margin recovery, especially given input cost inflation of ~10-15%

  • Tata Motors/Analyst Meetings↓ (WATCH)
    👁

    June 3, 2026 - Physical group meetings with institutional investors (Aditya Birla Sun Life, Alliance Bernstein, etc.); watch for any strategic updates or guidance on commercial vehicle demand

  • Ashok Leyland/77th AGM↓ (WATCH)
    👁

    August 14, 2026 - Virtual AGM via video conferencing; watch for shareholder approval of K M Balaji's appointment as Whole-Time Director & CFO and Dheeraj Hinduja's re-appointment as Executive Chairman

Filing Analyses (26)
Tata Consultancy Services Limited Company Update positive materiality 6/10

28-05-2026

Tata Consultancy Services (TCS) announced a landmark strategic partnership with Mistral, becoming the first global systems integrator to bring Mistral Forge to enterprises worldwide. The collaboration will initially focus on BFSI, manufacturing, healthcare, and public sector, and includes a dedicated Centre of Excellence for Mistral. No financial terms or revenue guidance were disclosed, and the filing contains no period-over-period financial comparisons.

  • · TCS generated consolidated revenues of over US $30 billion in the fiscal year ended March 31, 2026.
  • · TCS has a workforce spread across 56 countries and 194 service delivery centers.
  • · The partnership will initially focus on BFSI, manufacturing, healthcare, and public sector.
  • · TCS will establish a dedicated Centre of Excellence for Mistral to drive joint innovation and early access to Mistral’s beta models.
  • · TCS sponsors 14 of the world’s most prestigious marathons and endurance events.
Ashok Leyland Limited Corp. Action mixed materiality 8/10

28-05-2026

Ashok Leyland reported strong standalone revenue growth of 13.6% YoY to ₹44,007 Cr for FY26, with net profit up 7.9% to ₹3,565.53 Cr. However, Q4 standalone revenue of ₹14,160.49 Cr was up 18.9% YoY but net profit margin declined to 9.92% from 10.46% in Q4 FY25. The Board declared a second interim dividend of ₹2.50 per share, with no final dividend for FY26.

  • · Standalone debt-equity ratio improved to 0.09 from 0.13 in FY25.
  • · Standalone interest service coverage ratio improved to 62.47 from 34.95 in FY25.
  • · Standalone operating margin for FY26 was 13.03% vs 12.72% in FY25.
  • · Standalone net profit margin for FY26 was 8.10% vs 8.52% in FY25.
  • · Consolidated revenue from operations for FY26 was ₹56,362.08 Cr vs ₹48,535.14 Cr in FY25.
  • · Consolidated net profit for FY26 was ₹3,720.98 Cr vs ₹3,382.79 Cr in FY25.
  • · Consolidated net profit for Q4 FY26 was ₹1,381.32 Cr vs ₹1,245.92 Cr in Q4 FY25.
  • · Second interim dividend record date is June 3, 2026; payment on or before June 26, 2026.
  • · No final dividend for FY26.
  • · Statutory auditors issued an unmodified opinion on standalone and consolidated financial results.
Tata Motors Limited Company Update neutral materiality 2/10

28-05-2026

Tata Motors Limited has informed stock exchanges about scheduled physical group meetings with analysts and institutional investors on June 3, 2026, as per SEBI regulations. The meetings involve multiple financial institutions including Aditya Birla Sun Life Insurance, Alliance Bernstein, and others.

  • · Meeting date: June 3, 2026
  • · Meetings are physical group meetings
  • · Timings range from 12:00 noon to 3:00 p.m.
  • · Subject to changes
Ashok Leyland Limited Agm/Egm neutral materiality 2/10

28-05-2026

Ashok Leyland Limited has announced that its Board of Directors approved convening the 77th Annual General Meeting (AGM) on August 14, 2026, to be held via Video Conferencing / Other Audio-Visual means. The board meeting was held on May 28, 2026, from 11:00 a.m. to 2:45 p.m. IST. No financial results or operational metrics were disclosed in this filing.

  • · AGM scheduled for August 14, 2026, via Video Conferencing / Other Audio-Visual means.
  • · Board meeting held on May 28, 2026, lasted from 11:00 a.m. to 2:45 p.m. IST.
Ashok Leyland Limited Corp. Action mixed materiality 8/10

28-05-2026

Ashok Leyland reported strong standalone revenue growth of 13.6% YoY to ₹44,007 Cr for FY26, with net profit up 7.9% to ₹3,565.53 Cr. However, Q4 standalone revenue of ₹14,160.49 Cr was up 18.9% YoY but net profit margin slipped to 9.92% from 10.46% in Q4 FY25. The Board declared a second interim dividend of ₹2.50 per share and confirmed no final dividend for FY26.

  • · Standalone operating margin for FY26 was 13.03% vs 12.72% in FY25, an improvement of 31 bps.
  • · Standalone net profit margin for FY26 was 8.10% vs 8.52% in FY25, a decline of 42 bps.
  • · Standalone debt equity ratio improved to 0.09 from 0.13 a year ago.
  • · Standalone net worth increased 13.8% to ₹13,113.42 Cr as of March 31, 2026.
  • · Consolidated revenue from operations for FY26 was ₹56,362.08 Cr, up 16.1% from ₹48,535.14 Cr in FY25.
  • · Consolidated net profit for FY26 was ₹3,720.98 Cr, up 10.0% from ₹3,382.79 Cr in FY25.
  • · Consolidated net profit for Q4 FY26 was ₹1,381.32 Cr vs ₹1,245.92 Cr in Q4 FY25, up 10.9%.
  • · Second interim dividend of ₹2.50 per share declared, record date June 3, 2026, payment by June 26, 2026.
  • · Outstanding qualified borrowings reduced 18.4% to ₹1,002.04 Cr from ₹1,228.34 Cr at start of FY26.
  • · Incremental qualified borrowing during FY26 was ₹103.00 Cr.
  • · Statutory auditors (Price Waterhouse & Co) issued unmodified opinion on audited financials.
Larsen & Toubro Limited Company Update neutral materiality 1/10

28-05-2026

Larsen & Toubro has rescheduled its participation in the ICICI Securities India Investor Conference from June 8 to June 9, 2026, and will also attend a Sustainalytics group meeting on June 2 and the Citi India Conference on June 4, 2026. The company will present using the same materials already available on its website. No financial results or material business updates were disclosed in this filing.

  • · The ICICI Securities India Investor Conference participation was rescheduled from June 8 to June 9, 2026.
  • · A virtual group meeting with investors arranged by Sustainalytics is scheduled for June 2, 2026 at 2:00 PM IST.
  • · The Citi India Conference 2026 will be attended on June 4, 2026 at 9:00 AM IST in Mumbai.
  • · All meetings will use the same presentation already available on the company/exchange websites.
NRB Industrial Bearings Limited Insolvency neutral materiality 5/10

28-05-2026

NRB Industrial Bearings Limited (NIBL) has issued corporate guarantees totaling ₹13 Crores for its associate companies: ₹8 Crore for NRB-IBC Bearing Private Limited (NIBC) and ₹5 Crore for NIBL-KORTA Engineering Private Limited. The Board of Directors approved these guarantees on May 28, 2026, as a credit facility support. Certain promoter/promoter group members and directors have common shareholding/directorship in these associates, but the guarantees are stated to be on an arm's length basis. The company reports no immediate financial impact from these guarantees.

  • · The corporate guarantees are issued in favor of lenders of the associate companies, not to the associates directly.
  • · The transactions involve related parties (promoter/promoter group and directors) but are stated to be on an arm's length basis.
  • · The company explicitly states that at this point, there is no impact on the company from these guarantees.
  • · The filing was made under Regulation 30 of SEBI LODR Regulations, 2015, as per SEBI Master Circular dated January 30, 2026.
Ashok Leyland Limited Company Update positive materiality 6/10

28-05-2026

Ashok Leyland Limited has appointed Mr. K M Balaji as Whole-Time Director & CFO for a period of two years effective May 28, 2026, subject to shareholder approval. Mr. Balaji, a Fellow Chartered Accountant with 32 years of experience at the company, has raised over Rs. 2000 Crore through NCD placements and was awarded Leading CFO of the Year 2024-25 by CII. The appointment is not related to any existing directors and he is not debarred by any regulatory authority.

  • · Mr. K M Balaji holds directorship in many associate companies of Ashok Leyland.
  • · He is a Member of the Tamil Nadu State Council (TNSC) and Chairman of CFO Forum of TNSC of CII.
  • · He is Chairman of the Finance Committee of Global Automotive Research Centre (GARC) and Member of the Governing Council of National Automotive Board.
  • · The Board meeting commenced at 11:00 a.m. IST and concluded at 2:45 p.m. IST on May 28, 2026.
Ashok Leyland Limited Company Update neutral materiality 4/10

28-05-2026

Ashok Leyland Limited has re-appointed Mr. Dheeraj G Hinduja as Executive Chairman for a three-year term effective November 26, 2026, subject to shareholder and regulatory approvals. The decision was taken at a Board meeting on May 28, 2026, based on the recommendation of the Nomination and Remuneration Committee. No financial metrics or period-over-period comparisons are included in this filing.

  • · Mr. Dheeraj G Hinduja holds a B.Sc. (Hons) in Economics & History from University College, London (1993) and an MBA in Project Management from Imperial College, London (1994).
  • · He has over 30 years of strategic and leadership experience across multiple sectors including Automotive, Finance, Power, and IT.
  • · Mr. Hinduja is not related to any other director of the company as per the Companies Act, 2013 definition of 'relative'.
  • · He is not debarred from holding office as director by SEBI or any other authority.
Ashok Leyland Limited Company Update neutral materiality 4/10

28-05-2026

Ashok Leyland Limited's Board of Directors has approved the incorporation of a wholly-owned subsidiary in Indonesia, subject to applicable laws and regulatory approvals. The disclosure under Regulation 30(6) will be made post-incorporation. No financial figures or performance metrics were provided in this filing.

  • · Board meeting commenced at 11:00 a.m. IST and concluded at 2:45 p.m. IST on May 28, 2026.
  • · The subsidiary will be wholly-owned by Ashok Leyland Limited.
  • · Further disclosures under Regulation 30(6) will be made after incorporation.
Tata Motors Limited Company Update neutral materiality 3/10

28-05-2026

Tata Motors Limited (formerly TML Commercial Vehicles Limited) has submitted its Annual Secretarial Compliance Report for FY2025-26, confirming compliance with SEBI regulations except for a one-day delay in intimating the record date for NCDs, which was deemed technical and without adverse impact. The report also notes no actions taken by SEBI or stock exchanges against the company, its promoters, directors, or subsidiaries.

  • · The company's equity shares were listed on BSE and NSE with effect from November 12, 2025.
  • · The one-day delay in record date intimation occurred on February 9, 2026, with intimation given on February 4, 2026.
  • · No actions were taken by SEBI or stock exchanges against the company, its promoters, directors, or subsidiaries during the review period.
  • · The company has strengthened its maker-checker mechanism to prevent future delays.
Adani Power Limited Company Update neutral materiality 1/10

28-05-2026

Adani Power Limited has published newspaper advertisements in Indian Express (English) and Jai Hind (Gujarati) on May 28, 2026, informing shareholders that the 30th Annual General Meeting (AGM) will be held on Thursday, June 25, 2026 at 2:30 PM IST via Video Conferencing / Other Audio Visual Means. The notice is also available on the company's website. No financial results or performance data are disclosed in this filing.

  • · The AGM will be conducted through Video Conferencing / Other Audio Visual Means (VC/OAVM).
  • · The advertisements were published in compliance with a Ministry of Corporate Affairs circular.
  • · The notice is also available on the company's website: www.adanipower.com.
Jio Financial Services Limited Company Update positive materiality 3/10

28-05-2026

Jio Financial Services Limited has filed its Annual Secretarial Compliance Report for FY2025-26, confirming full compliance with all applicable SEBI regulations, including LODR, ICDR, Takeover Code, and PIT regulations. The report, issued by S. N. Ananthasubramanian & Co., notes no observations, non-compliances, or actions taken by SEBI or stock exchanges during the review period. The company has also maintained proper policies, website disclosures, and board performance evaluations.

  • · The report covers compliance with SEBI (LODR) Regulations 2015, SEBI (ICDR) Regulations 2018, SEBI (SAST) Regulations 2011, and SEBI (PIT) Regulations 2015.
  • · No actions were taken by SEBI or stock exchanges against the company, its promoters, directors, or subsidiaries during FY2025-26.
  • · The company has complied with Secretarial Standards issued by ICSI under Section 118(10) of the Companies Act, 2013.
  • · All applicable policies under SEBI Regulations have been adopted, reviewed, and timely updated.
  • · The company maintains a functional website with timely dissemination of documents/information under a separate section.
  • · None of the directors are disqualified under Section 164 of the Companies Act, 2013.
  • · Performance evaluation of the Board, Independent Directors, and Committees was conducted as prescribed.
  • · Prior approval of the Audit Committee was obtained for all related party transactions.
  • · All required disclosures under Regulation 30 read with Schedule III of LODR were made within prescribed time limits.
  • · The company is in compliance with Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015.
  • · No resignation of statutory auditors from the company or its material subsidiaries occurred during the year.
Adani Power Limited Company Update mixed materiality 5/10

28-05-2026

Adani Power Limited filed its Annual Secretarial Compliance Report for FY2025-26, confirming overall compliance with SEBI regulations. However, the report reveals two instances of non-compliance: the Board fell below the required independent director threshold for 23 days (Nov 11-Dec 3, 2025), resulting in fines of ₹1,15,000 each from BSE and NSE, and a delay in filing voting results in XBRL format, incurring fines of ₹10,000 each. The company has since appointed an independent director and paid the fines.

  • · The company paid fines totaling ₹2,50,000 (₹1,15,000 each from BSE and NSE for Board composition, and ₹10,000 each for XBRL delay).
  • · The previous year's report also noted a similar Board composition issue (April 1 to May 1, 2024), which was resolved by appointing Mrs. Sangeeta Singh as Independent Director.
  • · The company complied with all other SEBI requirements including Secretarial Standards, policy updates, website maintenance, director disqualification, subsidiary oversight, document preservation, performance evaluation, related party transactions, event disclosures, and insider trading prohibitions.
TTK Prestige Limited Company Update mixed materiality 8/10

28-05-2026

TTK Prestige reported a strong Q4FY26 with domestic revenue growth of 14.4% and company-level growth of 12.5%, driven by appliance demand (especially induction cooktops) and internal cost initiatives. Operating EBITDA rose 43.8% to INR81.7 crore and profit before tax grew 35.9% to INR71.9 crore. However, exports faced supply chain disruptions, and input cost inflation of ~10% (up to 15% in some areas) is expected to pressure margins, with price hikes deemed inevitable.

  • · Exports faced supply chain disruptions despite order demand, dampening overall growth.
  • · Gross margin expansion in Q4 was driven by inventory management and product mix (higher-margin categories like cooktops), not fully by price hikes.
  • · Price increase taken mid-Q4 will partially reflect in Q4 and more in Q1FY27.
  • · Appliances segment grew ~20% in Q4, partly due to induction cooktop replacement demand; underlying growth was reasonable even excluding that.
  • · Input cost inflation averages ~10%, with some areas up to 15% post West Asia conflict.
  • · Planned 3-year spending of ~INR 200 Cr on long-term strategy (consulting, etc.) started in Q4 FY24-25 and will continue for several quarters.
  • · Prestige exclusive stores contribute 12-15% of business, growing double digits, with 700+ stores.
  • · Quick commerce is a new channel where TTK Prestige is leading.
  • · General trade turnaround is contributing to current growth.
  • · Labour Code related exceptional expenses were booked in the quarter.
Reliance Industries Limited Agm/Egm neutral materiality 1/10

28-05-2026

Reliance Industries Limited published newspaper clippings on May 28, 2026, regarding its Annual General Meeting, Record Date for Dividend, and related information. The filing is a procedural disclosure of advertisements placed in multiple newspapers.

  • · Newspapers used: The Times of India (English), The Economic Times (English), Maharashtra Times (Marathi), Navbharat Times (Hindi).
  • · Filing date: May 28, 2026.
  • · Scrip Code: 500325, Trading Symbol: RELIANCE.
Kansai Nerolac Paints Limited Company Update neutral materiality 2/10

28-05-2026

Kansai Nerolac Paints Limited has allotted 56,197 equity shares of face value Re. 1 each, fully paid-up, pursuant to the exercise of Restricted Stock Units under the RSU Plan 2022. The allotment was approved by the Board on May 28, 2026, and the shares are identical to existing shares with no lock-in period. This is a routine corporate action related to employee stock compensation and does not involve any financial results or material business changes.

  • · The shares were issued under the RSU Plan 2022, with an exercise price of Re. 1 per share.
  • · The distinctive number range of the allotted shares is 80,86,58,274 to 80,87,14,470.
  • · The ISIN number of the shares is INE531A01024.
  • · No lock-in period applies to the newly allotted shares.
  • · The total issued share capital after this issue is ₹80,87,14,470.
Wipro Limited Company Update positive materiality 6/10

28-05-2026

Wipro Limited announced an expanded partnership with ServiceNow to embed agentic AI workflows across core enterprise functions such as IT, HR, procurement, and cybersecurity. The partnership integrates Wipro Intelligence™ with the ServiceNow AI Platform to streamline work initiation, orchestration, and execution, aiming to improve cycle times and operational governance. No financial figures or period-over-period comparisons were disclosed in this filing.

  • · The partnership focuses on four core enterprise functions: IT, HR, procurement, and cybersecurity.
  • · Specific Wipro Intelligence™ solutions leveraging ServiceNow include SmartProcure (procurement), Telco Autonomous Networks (telecom service operations), and Cyber Transform (cybersecurity).
  • · Clients can expect a unified experience for work requests, policy-aligned execution with auditability, improved cycle times, and clear operational visibility.
  • · Wipro has over 240,000 employees and business partners across 65 countries.
Reliance Industries Limited Agm/Egm neutral materiality 5/10

28-05-2026

Reliance Industries Limited has issued the Notice for its 49th Annual General Meeting (Post-IPO) to be held on June 19, 2026 via video conferencing, along with the Integrated Annual Report for FY2025-26. The agenda includes adoption of audited financial statements, declaration of a dividend of ₹6 per equity share, re-appointment of directors Akash M. Ambani and Anant M. Ambani, ratification of cost auditors' remuneration, and approval of material related party transactions for the company and its subsidiaries. No financial performance figures or period-over-period comparisons are provided in this filing.

  • · The AGM will be held on Friday, June 19, 2026 at 2:00 PM IST through Video Conferencing / Other Audio Visual Means.
  • · The dividend recommended is ₹6 per equity share of face value ₹10 each.
  • · Shri Akash M. Ambani (DIN: 06984194) and Shri Anant M. Ambani (DIN: 07945702) retire by rotation and are proposed for re-appointment.
  • · Special business includes ratification of cost auditors' remuneration for FY2026-27 and approval of material related party transactions for the company and its subsidiaries (detailed in Tables A1-A5 and B1-B5 in the explanatory statement).
  • · The Annual Report is being sent electronically; proxy facility is not available for this AGM.
Jatalia Global Ventures Ltd Insolvency negative materiality 8/10

28-05-2026

Jatalia Global Ventures Ltd, currently under Corporate Insolvency Resolution Process (CIRP) since March 7, 2024, has informed BSE that its 25th Committee of Creditors (CoC) meeting will be held on May 29, 2026. The filing provides no financial data or performance metrics, only procedural disclosure of the upcoming meeting.

  • · Company has been under CIRP since March 7, 2024, per NCLT New Delhi Bench order in CP No. IB-263/ND/2023.
  • · 25th CoC meeting scheduled for May 29, 2026 at 4:00 PM at MNK House, New Delhi.
  • · Resolution Professional Nazim Mohd Nazim Khan's IBBI registration is valid up to December 31, 2025.
IDBI Bank Limited Company Update negative materiality 3/10

28-05-2026

IDBI Bank Ltd. has informed the exchanges that its subsidiary, IDBI Trusteeship Services Limited (ITSL), has been penalized ₹2,00,000 (₹2 lakh) by SEBI via an adjudication order dated May 27, 2026. The penalty arises from a thematic inspection of debenture trustees regarding actions taken in case of issuer defaults, covering the period July 31, 2022 to July 31, 2024. The bank has stated that the penalty has no financial, operational, or other quantifiable impact on IDBI Bank itself.

  • · The Show Cause Notice was issued on January 5, 2026 under SEBI (Procedure for Holding Inquiry and Imposing penalties) Rules, 1995 read with section 15-I of SEBI Act, 1992.
  • · The thematic inspection covered the period from July 31, 2022 to July 31, 2024.
  • · A personal hearing was conducted on February 20, 2026, and a written submission was filed on February 23, 2026.
  • · The adjudication order (Order No. Order/JS/VC/2026-27/32424) was passed on May 27, 2026.
  • · Violations cited include regulations under SEBI (Debenture Trustees) Regulations, SEBI circulars dated October 13, 2020, and Master Circulars for DTs dated July 6, 2023 and May 16, 2024.
TTK Prestige Limited Company Update neutral materiality 1/10

28-05-2026

TTK Prestige Limited informed the stock exchanges about a physical meeting conducted with institutional investors/analysts from 360 One Capital on May 28, 2026, as part of the 'Trinity 2026' event. The filing is a routine disclosure under SEBI LODR regulations and contains no financial or operational details.

  • · Meeting was held physically on May 28, 2026.
  • · Participating institution: 360 One Capital.
  • · Event name: Trinity 2026.
  • · No financial results, guidance, or material business updates were disclosed in this filing.
Ashok Leyland Limited Result mixed materiality 8/10

28-05-2026

Ashok Leyland reported standalone revenue from operations of ₹44,007.03 Cr for FY26, up 13.6% YoY from ₹38,752.74 Cr, and standalone net profit of ₹3,565.53 Cr, up 7.9% YoY from ₹3,303.29 Cr. However, Q4 standalone revenue declined 0.5% QoQ to ₹14,160.49 Cr from ₹14,233.85 Cr in Q3, and net profit margin fell to 9.92% from 10.46% in Q4 last year. The Board declared a second interim dividend of ₹2.50 per share.

  • · Standalone debt-equity ratio improved to 0.09 from 0.13 a year ago.
  • · Standalone interest service coverage ratio improved to 62.47 from 34.95 in FY25.
  • · Standalone net cash from operations was ₹4,792.10 Cr in FY26 vs ₹7,819.42 Cr in FY25, a decline of 38.7%.
  • · Consolidated revenue from operations for FY26 was ₹56,362.08 Cr, up 16.1% YoY from ₹48,535.14 Cr.
  • · Consolidated net profit for FY26 was ₹3,720.98 Cr, up 10.0% YoY from ₹3,382.79 Cr.
  • · No final dividend for FY26; total dividend for the year is ₹2.50 per share (second interim).
  • · Outstanding qualified borrowings reduced from ₹1,228.34 Cr to ₹1,002.04 Cr during FY26.
  • · Credit ratings: ICRA AA+ and CARE AA+ for unsupported bank borrowings/plain vanilla bonds.
Ashok Leyland Limited Board Meeting mixed materiality 8/10

28-05-2026

Ashok Leyland reported strong standalone revenue growth of 13.6% YoY to ₹44,007 Cr for FY26, with net profit up 7.9% to ₹3,565.53 Cr. However, Q4 FY26 standalone revenue of ₹14,160.49 Cr showed a significant sequential increase of 22.8% from Q3, but net profit margin declined to 9.92% from 10.46% in Q4 FY25. The Board declared a second interim dividend of ₹2.50 per share, with no final dividend for FY26.

  • · Standalone debt-equity ratio improved to 0.09 in FY26 from 0.13 in FY25.
  • · Standalone interest service coverage ratio improved to 62.47 in FY26 from 34.95 in FY25.
  • · Standalone net cash from operating activities decreased to ₹4,792.10 Cr in FY26 from ₹7,819.42 Cr in FY25.
  • · Standalone cash and cash equivalents decreased to ₹2,031.09 Cr as of March 31, 2026 from ₹2,659.82 Cr as of March 31, 2025.
  • · Consolidated finance costs increased to ₹4,704.65 Cr in FY26 from ₹3,930.21 Cr in FY25.
  • · Consolidated impairment loss allowance relating to financing activities increased to ₹1,234.24 Cr in FY26 from ₹651.95 Cr in FY25.
  • · The Statutory Auditors issued an unmodified opinion on the audited financial results.
  • · Record date for the second interim dividend is June 3, 2026, and payment will be made on or before June 26, 2026.
  • · Highest credit rating for unsupported bank borrowings is ICRA AA+ and CARE AA+.
  • · No borrowings were made through issuance of debt securities during FY24, FY25, or FY26.
Infosys Limited Company Update positive materiality 5/10

28-05-2026

Infosys announced new AI-powered digital fan experiences for Roland-Garros 2026, including an AI StatsBot (Rolly), a humanoid robot (Rally), and a real-time momentum visualization tool (Momentum). The company also extended its AI and digital innovation partnership with Roland-Garros through 2031. No financial figures or period-over-period comparisons were provided in this filing.

  • · Infosys and Roland-Garros extended their AI and digital innovation partnership through 2031.
  • · New AI-powered innovations for 2026 include Rolly (AI StatsBot), Rally (humanoid robot), and Momentum (real-time match visualization).
  • · Existing platforms like AI Commentary (now in French), Excitement Rating (simplified indicator), and AI-Assisted Journalism Portal (enhanced customization) received upgrades.
  • · Infosys collaborates with Association Fête le mur to develop tennis-related learning modules on Infosys Springboard for underprivileged youth.
  • · 60 youth from underprivileged backgrounds will attend AI and technology workshops at Roland-Garros led by Infosys experts.
  • · Roland-Garros 2025 set a record attendance of 687,249 spectators and was broadcast in 220 territories.
Ashok Leyland Limited Company Update neutral materiality 5/10

28-05-2026

Ashok Leyland's Board of Directors has approved the issuance of Non-Convertible Debentures (NCDs) aggregating up to ₹300 Crore on a private placement basis, in one or more tranches. The Board has authorized the Fund-Raising Committee to finalize terms and conditions. No other financial results or performance metrics were disclosed in this filing.

  • · Board meeting commenced at 11:00 a.m. IST and concluded at 2:45 p.m. IST on May 28, 2026.
  • · The Fund-Raising Committee has been authorized to determine and finalize the terms and conditions of the NCD issuance.
  • · Further disclosures regarding the issuance and/or allotment will be made at the time of issuance as per SEBI circular.

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