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India NCLT Insolvency Resolution Filings — May 29, 2026

India Corporate Insolvency & NCLT

By Gunpowder Editorial ·

13 high priority 11 medium priority 24 total filings analysed

Executive Summary

The 24 filings reveal a stark contrast between India's resilient IT/energy giants and a deeply troubled aviation sector, alongside a critical failure in the IBC resolution process.

InterGlobe Aviation (IndiGo) is the dominant story, swinging from a ₹30,675 million profit in Q4 FY25 to a ₹25,369 million loss in Q4 FY26, driven by a massive ₹48,229 million forex loss and rising costs, creating a high-risk investment signal. Conversely, Reliance Industries and TCS received credit rating upgrades (Moody's), while Infosys highlighted strong AI-led growth with 4,600 projects, signaling robust health in large-caps. A major insolvency risk flag is the failure of Ambition Mica Ltd's resolution plan, where the successful applicant defaulted, threatening a re-initiation of CIRP. Insider activity was minimal, with only a routine transmission of shares by Infosys's Nandan Nilekani. The data shows a clear divergence: capital-intensive, forex-exposed sectors are under severe stress, while asset-light, globally diversified tech and energy majors are strengthening their positions.

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

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

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

Investment Signals (10)

  • InterGlobe Aviation ↓ (BEARISH)
    ▲

    Massive loss swing of ₹56,044 million YoY from profit to loss in Q4 FY26, driven by a ₹48,229 million forex loss and 24.5% YoY rise in depreciation. Full-year PAT margin turned negative at -2.8%.

  • InterGlobe Aviation ↓ (BEARISH)
    ▲

    Excluding forex and exceptional items, operational PAT was ₹57,061 million, down 35.7% YoY, indicating core business weakness beyond currency volatility.

  • Reliance Industries ↓ (BULLISH)
    ▲

    Moody's upgraded senior unsecured rating from 'Baa2' to 'Baa1' with a stable outlook, reflecting improved credit quality and financial strength.

  • Tata Consultancy Services ↓ (BULLISH)
    ▲

    Moody's upgraded long-term local currency issuer rating from Baa1 to A2, four notches above the Indian sovereign, signaling exceptional intrinsic credit strength and headroom to absorb stress.

  • Infosys ↓ (BULLISH)
    ▲

    Integrated Annual Report highlights an AI-first strategy with 4,600+ AI projects and collaboration with 90% of top 200 clients, pointing to strong future revenue growth and competitive advantage.

  • JSW Steel ↓ (BULLISH)
    ▲

    Wholly owned subsidiary's revised resolution plan for Colour Roof India Ltd approved by the Committee of Creditors, signaling successful asset acquisition and potential value creation.

  • InterGlobe Aviation ↓
    ▲

    Board approved partial prepayment of up to USD 450 million in finance lease obligations, a capital allocation move to reduce future finance costs (up 16% YoY) and strengthen the balance sheet. [NEUTRAL to BULLISH]

  • Infosys ↓ (BULLISH)
    ▲

    Final dividend record date set for June 10, 2026, with payment on June 25, 2026, providing a near-term catalyst for income-focused investors.

  • TVS Motor Company ↓ (BULLISH)
    ▲

    Annual Secretarial Compliance Report confirmed zero non-compliances or observations from SEBI, indicating strong corporate governance and low regulatory risk.

  • InterGlobe Aviation ↓
    ▲

    Aircraft fuel expenses declined 4.2% QoQ to ₹66,503 million in Q4 FY26, a positive cost trend that could improve margins if sustained. [NEUTRAL to BULLISH]

Risk Flags (8)

  • InterGlobe Aviation / Forex & Cost Risk↓ [HIGH RISK]
    ▼

    Massive forex loss of ₹89,757 million for FY26 (₹48,229 million in Q4 alone) is a systemic risk for the aviation sector, exacerbated by rupee depreciation and dollar-denominated liabilities.

  • InterGlobe Aviation / Margin Compression↓ [HIGH RISK]
    ▼

    Total expenses rose 17.2% YoY, while revenue grew only 6.4%, leading to a negative PAT margin of -2.8%. Finance costs (+16% YoY) and depreciation (+24.5% YoY) are structurally rising.

  • Ambition Mica Ltd / Resolution Plan Failure↓ [HIGH RISK]
    ▼

    The successful resolution applicant defaulted on payment milestones, leading to a Section 74(3) application. This exposes the fragility of the IBC process and potential for significant value erosion for creditors.

  • Ushdev International / Liquidation↓ [HIGH RISK]
    ▼

    Final liquidation order from NCLT on October 16, 2025, with financials still under process. This represents a total loss for equity holders and a significant haircut for creditors.

  • InterGlobe Aviation / Exceptional Items↓ [MEDIUM RISK]
    ▼

    Exceptional items of ₹17,964 million for FY26, including provisions for new labour laws, add to earnings volatility and obscure underlying performance.

  • Adani Enterprises / Past Non-Compliance↓ [LOW RISK]
    ▼

    Annual Secretarial Compliance report disclosed a ₹5,000 fine for delayed board meeting intimation in FY2023-24, indicating a minor but notable governance lapse.

  • KSS Ltd / Stalled CIRP↓ [MEDIUM RISK]
    ▼

    The company has been under CIRP since January 2023 (over 3 years), with no resolution plan approved yet, signaling a prolonged and potentially value-destructive process.

  • Jatalia Global Ventures / Stalled CIRP↓ [MEDIUM RISK]
    ▼

    Under CIRP since March 2024, the 25th CoC meeting yielded no disclosed financial outcomes, suggesting a lack of progress or a deadlocked resolution process.

Opportunities (8)

  • JSW Steel / Insolvency Acquisition↓ (OPPORTUNITY)
    ◆

    The CoC approval for JSWSCPL's revised resolution plan for Colour Roof India Ltd presents an opportunity for JSW to acquire distressed assets at a potential discount, expanding its coated products portfolio.

  • Infosys / AI Monetization↓ (OPPORTUNITY)
    ◆

    With 4,600+ AI projects and 90% of top clients engaged, Infosys is positioned to monetize its AI-first strategy, potentially driving revenue growth and margin expansion in coming quarters.

  • Reliance Industries / Credit Upgrade Catalyst↓ (OPPORTUNITY)
    ◆

    The Moody's upgrade to 'Baa1' reduces borrowing costs and signals financial strength, potentially attracting more institutional and foreign investment.

  • Tata Consultancy Services / Sovereign Rating Arbitrage↓ (OPPORTUNITY)
    ◆

    Rated four notches above the Indian sovereign, TCS is a rare high-grade credit in the Indian market, offering a safe-haven for debt investors and a strong competitive moat.

  • InterGlobe Aviation / Turnaround Play↓ (OPPORTUNITY)
    ◆

    If the rupee stabilizes and fuel costs remain benign, IndiGo's core operational PAT of ₹57,061 million (excluding forex/exceptional) could recover sharply, offering a high-risk turnaround opportunity.

  • Infosys / Dividend Capture↓ (OPPORTUNITY)
    ◆

    With a record date of June 10, 2026, and payment on June 25, 2026, investors can capture the final dividend, providing a near-term yield opportunity.

  • TVS Motor Company / Institutional Interest↓ (OPPORTUNITY)
    ◆

    Participation in the Morgan Stanley India Investment Forum with 12 major fund houses (including GIC, Citadel, Millennium) signals strong institutional interest, which could lead to increased buying.

  • Yes Bank / Investor Outreach↓ (OPPORTUNITY)
    ◆

    Conducted one-on-one meetings with 18 institutional investors at the 360 ONE Capital Conference, indicating active efforts to build investor confidence and potentially attract capital.

Sector Themes (5)

  • Aviation Sector Crisis (CRITICAL)
    ◆

    InterGlobe Aviation's massive loss swing (₹56,044 million YoY) highlights a sector-wide crisis driven by forex volatility, rising finance costs, and regulatory changes. The 24.5% YoY rise in depreciation suggests aggressive fleet expansion is straining profitability.

  • IT & Energy Large-Cap Resilience (POSITIVE)
    ◆

    Infosys, TCS, and Reliance all received positive signals (credit upgrades, AI growth narrative), indicating that large-cap, globally diversified companies are strengthening their positions despite macroeconomic headwinds.

  • IBC Resolution Process Fragility (NEGATIVE)
    ◆

    The failure of Ambition Mica Ltd's resolution plan (default by SRA) and the prolonged CIRP for KSS Ltd (3+ years) and Jatalia Global Ventures (2+ years) underscore the systemic risk of delays and defaults in the insolvency framework.

  • Capital Allocation Divergence (NEUTRAL)
    ◆

    InterGlobe Aviation is using capital to prepay lease obligations (USD 450M) to reduce debt, while Infosys is returning cash to shareholders via dividends. This reflects a defensive vs. offensive capital allocation strategy based on sector health.

  • Corporate Governance Focus (POSITIVE)
    ◆

    TVS Motor's clean compliance report and Adani Enterprises' minor fine highlight that regulatory scrutiny is high, and clean governance is becoming a key differentiator for investor confidence.

Watch List (8)

  • InterGlobe Aviation / Q1 FY27 Results↓ (HIGH PRIORITY)
    👁

    Watch for forex loss trajectory, fuel cost trends, and capacity additions. The AGM on August 20, 2026, will be a key event for management commentary.

  • Ambition Mica Ltd / NCLT Order↓ (HIGH PRIORITY)
    👁

    The outcome of the Interlocutory Application under Section 74(3) will determine if CIRP is re-initiated or if the SRA is penalized. This will set a precedent for resolution plan discipline.

  • Infosys / AGM & Dividend↓ (MEDIUM PRIORITY)
    👁

    Record date June 10, 2026; AGM June 23, 2026. Watch for any updates on AI monetization progress and revenue guidance.

  • JSW Steel / NCLT Approval↓ (MEDIUM PRIORITY)
    👁

    The final NCLT approval for the Colour Roof India resolution plan is pending. Any delays or conditions could impact the deal's value.

  • TVS Motor Company / Investor Meetings↓ (MEDIUM PRIORITY)
    👁

    The Morgan Stanley forum on June 3, 2026, could lead to analyst upgrades or increased institutional buying. Monitor for any post-meeting notes.

  • Tata Motors / Analyst Meeting↓ (LOW PRIORITY)
    👁

    The physical group meeting on June 4, 2026, with analysts and institutional investors may provide insights into demand trends and margin outlook.

  • Tanla Platforms / Trading Window Closure↓ (LOW PRIORITY)
    👁

    Trading window closes June 1, 2026, ahead of Q1 FY27 results. Insider trading activity during the open window post-results should be monitored.

  • Ushdev International / Final Accounts↓ (LOW PRIORITY)
    👁

    The publication of financials post-liquidation order will reveal the final recovery for creditors and the extent of equity wipeout.

Filing Analyses (24)
Infosys Limited Corporate Action positive materiality 7/10

29-05-2026

Infosys released its Integrated Annual Report for FY 2025-26, highlighting an AI-first strategy with over 4,600 AI projects underway and collaboration with 90% of its top 200 clients on AI journeys. The report showcases client success stories with Liberty Global (50% fewer outages YoY), Hertz (60% faster modernization), Mondelēz (enterprise-wide traceability), and Microsoft (40% faster root cause analysis). However, the filing does not disclose Infosys's own financial performance metrics for the period, limiting quantitative assessment of the company's results.

  • · AGM scheduled for June 23, 2026 at 4:00 PM IST via video conference.
  • · Record date for final dividend: June 10, 2026; dividend payment date: June 25, 2026.
  • · E-voting period: June 18, 2026 (9:00 AM IST) to June 22, 2026 (5:00 PM IST).
  • · Cut-off date for e-voting: June 16, 2026.
  • · Infosys has developed over 30 new service offerings across six AI value pools.
  • · Liberty Global partnership spans over two decades, including over a decade as a formal strategic partnership.
  • · Hertz modernization involved analyzing nearly 3 million lines of legacy COBOL code.
  • · Mondelēz traceability platform connects more than 50 suppliers, captures over 0.5 million events per day, integrates more than 220 plants and distribution centers, and maps more than 150 raw-to-finished-goods processes.
  • · Microsoft critical incident response times improved by 33% (from 15 minutes to under 10 minutes).
  • · Root cause analysis turnaround for Microsoft reduced from 5 days to 1 day (40% faster).
Tata Consultancy Services Limited Corporate Action negative materiality 6/10

29-05-2026

TCS has issued a clarification denying a Moneycontrol.com article claiming it lost part of the Royal Bank of Canada (RBC) technology mandate and that 150 members would be 'rebadged'. The company states the article is completely false and inaccurate, based on unverified and speculative sources, and reaffirms its longstanding partnership with RBC.

  • · The article claimed TCS lost part of the RBC Canada technology mandate and that 150 members would be 'rebadged'.
  • · TCS explicitly informed the publication before the story was published that the claims are false.
  • · TCS states the story was published relying solely on unnamed sources.
  • · TCS reaffirms a 'very longstanding partnership' with Royal Bank of Canada.
InterGlobe Aviation Limited Board Meeting mixed materiality 9/10

29-05-2026

InterGlobe Aviation (IndiGo) reported a consolidated net loss of ₹25,369 million for Q4 FY26, swinging from a profit of ₹5,491 million in Q3 FY26 and a profit of ₹30,675 million in Q4 FY25. For the full year FY26, the company posted a net loss of ₹23,936 million versus a profit of ₹72,584 million in FY25, driven by a massive foreign exchange loss of ₹48,229 million in the quarter (₹89,757 million for the year) and exceptional items of ₹2,499 million. Revenue from operations grew 1.3% YoY to ₹224,384 million in Q4 and 5.1% YoY to ₹849,619 million for the full year, but total expenses rose sharply, particularly finance costs (+8.0% YoY for the year) and depreciation (+24.5% YoY for the year). The Board also approved partial prepayment of finance lease obligations of up to USD 450 million to a wholly owned subsidiary for aircraft asset acquisition.

  • · The Board approved partial prepayment of finance lease obligations of up to USD 450 million to InterGlobe Aviation Financial Services IFSC Private Limited for acquisition of aviation assets.
  • · The 23rd Annual General Meeting is scheduled for August 20, 2026.
  • · Exceptional items for FY26 amounted to ₹17,964 million (Q4: ₹2,499 million).
  • · Finance costs for FY26 increased 16.0% YoY to ₹58,908 million.
  • · Depreciation and amortisation for FY26 rose 24.5% YoY to ₹108,082 million.
  • · Basic EPS for Q4 FY26 was negative ₹65.62 vs positive ₹79.38 in Q4 FY25.
  • · The auditor's report includes an unmodified opinion on the consolidated financial results.
Ushdev International Ltd Insolvency negative materiality 10/10

29-05-2026

Ushdev International Ltd has been ordered into liquidation by the Hon’ble NCLT on October 16, 2025, and the company is preparing financials reflecting the liquidation order. The exchange was informed on October 27, 2025, and the final accounts are still under process.

  • · Liquidation order date: October 16, 2025
  • · Exchange intimation date: October 27, 2025
  • · Financials are being finalized post-liquidation order and will be published upon completion
  • · Liquidator registered with IBBI (Registration No: IBBI/IPA -001/IP-P01186/2018-2019/11907)
JSW Steel Limited Insolvency positive materiality 6/10

29-05-2026

JSW Steel Limited announced that its wholly owned subsidiary, JSW Steel Coated Products Limited (JSWSCPL), has received a letter of intent from the resolution professional of Colour Roof India Limited, confirming that the Committee of Creditors has approved JSWSCPL's revised resolution plan (submitted on May 13, 2026) in the corporate insolvency resolution process. This approval follows earlier NCLT directions that allowed other resolution applicants to submit revised plans, but JSWSCPL has emerged as the successful resolution applicant. The plan's implementation remains subject to final approval from the NCLT, Mumbai Bench.

  • · JSWSCPL submitted its original resolution plan on July 01, 2024, which was amended and restated on April 18, 2025.
  • · A revised financial plan (addendum) was submitted on May 13, 2026, following NCLT's order dated April 13, 2026.
  • · The letter of intent from the resolution professional was received on May 28, 2026.
  • · The approval is from the Committee of Creditors (CoC) of Colour Roof India Limited.
  • · Implementation is contingent on final approval from the NCLT, Mumbai Bench.
InterGlobe Aviation Limited Result negative materiality 9/10

29-05-2026

InterGlobe Aviation (IndiGo) reported a consolidated net loss of ₹25,369 million for Q4 FY26, swinging from a profit of ₹5,491 million in Q3 FY26 and a profit of ₹30,675 million in Q4 FY25. For the full year FY26, the company posted a net loss of ₹23,936 million compared to a profit of ₹72,584 million in FY25, driven by a massive foreign exchange loss of ₹48,229 million in Q4 and exceptional items of ₹17,964 million for the year. The Board also approved partial prepayment of up to USD 450 million in finance lease obligations to a wholly owned subsidiary for aircraft asset acquisition.

  • · Aircraft fuel expenses for Q4 FY26 were ₹66,503 million, down 4.2% QoQ from ₹69,445 million in Q3 FY26.
  • · Finance costs for FY26 were ₹58,908 million, up 16.0% from ₹50,800 million in FY25.
  • · Depreciation and amortisation expense for FY26 was ₹108,082 million, up 24.5% from ₹86,802 million in FY25.
  • · Exceptional items of ₹17,964 million were recorded in FY26 (none in FY25).
  • · Basic EPS for Q4 FY26 was negative ₹65.62, compared to positive ₹14.22 in Q3 FY26 and positive ₹79.38 in Q4 FY25.
  • · The Board approved partial prepayment of up to USD 450 million of finance lease obligations to a wholly owned subsidiary for aircraft asset acquisition.
  • · The 23rd AGM is scheduled for August 20, 2026.
InterGlobe Aviation Limited Company Update mixed materiality 9/10

29-05-2026

InterGlobe Aviation (IndiGo) reported a net loss of ₹23,936 million for FY26 compared to a profit of ₹72,584 million in FY25, driven by a 17.2% rise in total expenses and a massive forex loss of ₹89,757 million. While total income grew 6.4% YoY to ₹895,134 million and passenger traffic exceeded 123 million, the company posted a negative PAT margin of -2.8%. Excluding forex and exceptional items, operational PAT was ₹57,061 million, down 35.7% YoY.

  • · The Board approved partial prepayment of finance lease obligations up to USD 450 million to a wholly owned subsidiary for acquiring aviation assets.
  • · Exceptional items for FY26 totaled INR 17,964 million, including INR 9,693 million in Q3 and INR 2,499 million in Q4, related to regulatory compensation and new labour code provisions.
  • · The company added 7 net aircraft during Q4 FY26 (from 440 to 441), with owned aircraft increasing from 28 to 36.
  • · Average exchange rate weakened from INR 84.43/USD in FY25 to INR 88.06/USD in FY26, a 4.3% depreciation.
  • · Closing exchange rate at March 31, 2026 was INR 94.56/USD, compared to INR 85.50/USD a year ago, a 10.6% depreciation.
  • · The 23rd Annual General Meeting is scheduled for August 20, 2026.
  • · Total debt increased 16.4% YoY to INR 777,492 million, while total cash grew 7.2% to INR 516,506 million.
  • · CASK ex fuel ex forex rose 3.8% YoY, indicating underlying cost pressures beyond fuel and forex.
Reliance Industries Limited Agm/Egm neutral materiality 2/10

29-05-2026

Reliance Industries Limited published newspaper advertisements on May 29, 2026 regarding its 49th Annual General Meeting (Post-IPO) and e-voting information. The advertisements appeared in The Times of India, The Economic Times, Maharashtra Times, and Navbharat Times.

InterGlobe Aviation Limited Company Update mixed materiality 9/10

29-05-2026

InterGlobe Aviation (IndiGo) reported a net loss of INR 23,936 million for FY26, swinging from a net profit of INR 72,584 million in FY25, driven by exceptional rupee depreciation, changes in labour laws, and a challenging operating environment. Revenue from operations grew 5.1% to INR 849,619 million, while capacity increased 9.5% to 172.4 billion ASKs. Excluding forex and exceptional items, the company posted a net profit of INR 75,025 million, down 15.4% from INR 88,676 million in the prior year. The Board also approved partial prepayment of finance lease obligations of up to USD 450 million to a wholly owned subsidiary for aircraft asset acquisition.

  • · The Board approved partial prepayment of finance lease obligations of up to USD 450 million to InterGlobe Aviation Financial Services IFSC Private Limited for acquisition of aviation assets.
  • · The 23rd Annual General Meeting is scheduled for August 20, 2026.
  • · Exceptional items for Q4 FY26 were INR 2,499 million, reflecting an incremental provision for new labour laws.
  • · As of March 31, 2026, total cash balance was INR 516,506 million (free cash INR 362,163 million; restricted cash INR 154,343 million).
  • · Capitalized operating lease liability was INR 534,608 million; total debt including that was INR 777,492 million.
  • · Fleet composition: 31 A320 CEOs (5 damp lease), 177 A320 NEOs, 172 A321 NEOs (4 damp lease), 1 A321XLR, 46 ATRs, 3 A321 freighters, 5 B737 (damp lease), 6 B787 (damp lease).
  • · Technical Dispatch Reliability of 99.9% for Jan-Mar 2026.
  • · On-time performance of 79.9% at 10 major airports and flight cancellation rate of 0.6% for Jan-Mar 2026.
  • · Q1 FY27 capacity (ASK) expected to grow around 3-4% YoY.
  • · Basic earnings per share for FY26 was negative INR 61.88.
Jatalia Global Ventures Ltd Insolvency neutral materiality 3/10

29-05-2026

Jatalia Global Ventures Ltd, currently under Corporate Insolvency Resolution Process (CIRP) since March 7, 2024, held its 25th Committee of Creditors (CoC) meeting on May 29, 2026. The meeting was conducted by Resolution Professional Nazim Mohd Nazim Khan and lasted 40 minutes. No financial outcomes or decisions from the meeting were disclosed in this filing.

  • · 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 was held on May 29, 2026, from 4:15 PM to 4:55 PM at MNK House, New Delhi.
  • · Resolution Professional Nazim Mohd Nazim Khan is IBBI registered (No. IBBI/IPA-002/IP-N00076/2017-18/10207s) with AFA valid until December 31, 2026.
  • · No details on voting, resolution plans, or financial decisions were provided in this intimation.
TVS Motor Company Limited Company Update neutral materiality 3/10

29-05-2026

TVS Motor Company will participate in the India Investment Forum 2026 organized by Morgan Stanley on June 3, 2026, in Mumbai. Company officials will hold in-person meetings with multiple fund houses including GIC, SBI Funds Management, Morgan Stanley, Arrowpoint Investment Partners, Balyasny Asset Management, Citadel International Equities, Dymon Asia Capital, Millennium Partners, Sands Capital Management, Schonfeld Strategic Advisors, Axis Asset Management, and ICICI Prudential Mutual Fund. The company stated that no unpublished price-sensitive information will be shared during these meetings.

  • · Meeting date: June 3, 2026, from 10:00 AM to 04:00 PM IST at Taj Lands End, Mumbai.
  • · The schedule is subject to change due to exigencies on the part of organizers, company, investors, or analysts.
  • · The company confirmed that no unpublished price-sensitive information will be shared during the meetings.
Tata Motors Limited Company Update neutral materiality 1/10

29-05-2026

Tata Motors Limited has informed the stock exchanges about a physical group meeting scheduled with analysts and institutional investors on June 4, 2026. The meeting will involve multiple investment firms including ASK Investment Managers, Citigroup, and others, with sessions starting at 9:00 AM. No financial results or material developments were disclosed in this filing.

  • · The meeting is scheduled as a physical group meeting on June 4, 2026.
  • · Sessions are scheduled at 9:00 AM, 10:00 AM, and 11:00 AM.
  • · The filing is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • · The schedule is subject to change.
Infosys Limited Agm/Egm positive materiality 8/10

29-05-2026

Infosys released its Integrated Annual Report for FY2025-26, highlighting an AI-first strategy with over 4,600 AI projects underway and collaboration with 90% of its top 200 clients. The report showcases client success stories including Liberty Global (50% fewer outages YoY), Hertz (60% faster modernization), Mondelez (enterprise traceability platform), and Microsoft (40% faster root cause analysis). The AGM is scheduled for June 23, 2026, with a record date of June 10, 2026 for the final dividend.

  • · AGM scheduled for June 23, 2026 at 4:00 PM IST via video conference
  • · Record date for final dividend: June 10, 2026
  • · Dividend payment date: June 25, 2026
  • · E-voting period: June 18, 2026 (9:00 AM IST) to June 22, 2026 (5:00 PM IST)
  • · Cut-off date for e-voting: June 16, 2026
  • · Liberty Global partnership spans over two decades, including over a decade as a formal strategic partnership
  • · Hertz modernization involved analyzing nearly three million lines of legacy COBOL code
  • · Mondelez traceability platform rollout in Europe planned for second half of 2026
  • · Microsoft critical incident response times improved from 15 minutes to under 10 minutes
  • · Root cause analysis turnaround reduced from five days to one day for Microsoft
Reliance Industries Limited Company Update positive materiality 6/10

29-05-2026

Moody's upgraded Reliance Industries Limited's senior unsecured USD-denominated fixed rate notes rating from 'Baa2' to 'Baa1' with a stable outlook, effective May 29, 2026. The upgrade reflects improved credit quality, though no financial metrics or period comparisons were provided in the filing.

  • · Rating upgraded from 'Baa2' to 'Baa1' with 'Stable' outlook
  • · Intimation received by the company at 3:40 p.m. IST on May 29, 2026
  • · Filing made to BSE (Scrip Code: 500325) and NSE (Trading Symbol: RELIANCE)
Tata Consultancy Services Limited Company Update positive materiality 6/10

29-05-2026

Tata Consultancy Services (TCS) announced that Moody's Ratings has upgraded its long-term local currency issuer rating from Baa1 to A2, following an update to Moody's sovereign linkages methodology. The A2 rating is four notches above the Indian sovereign and aligns with India's local currency ceiling, reflecting TCS' strong intrinsic credit strength with headroom to absorb stress.

  • · TCS has been rated four notches above the Indian sovereign.
  • · The A2 rating is in line with India's local currency ceiling.
  • · TCS' standalone credit profile would support a rating higher than A2 in the absence of sovereign and country risk constraints.
  • · The upgrade was driven by an update to Moody's sovereign linkages methodology.
Infosys Limited Company Update neutral materiality 3/10

29-05-2026

Infosys Limited announced its management's participation in investor meetings and conferences across multiple global cities during June 2026, including the Citi India Conference in Mumbai, a Non-Deal Roadshow (NDR) in Paris, London, Helsinki, and Copenhagen, and the BofA Global Research C-Suite TMT Conference in London. Key participants include CFO Jayesh Sanghrajka, Financial Controller Sandeep Mahindroo, and investor relations representatives.

  • · Infosys will participate in the Citi India Conference in Mumbai on June 5, 2026, with investors relations representatives.
  • · The NDR in Paris on June 5, 2026, and London on June 8-9, 2026, will be led by CFO Jayesh Sanghrajka and Sandeep Mahindroo.
  • · Sandeep Mahindroo alone will attend NDRs in Helsinki (June 11) and Copenhagen (June 12, 2026).
  • · The company also participates in the BofA Global Research C-Suite TMT Conference in London on June 9, 2026.
  • · The filing is dated May 29, 2026, and was signed by the Company Secretary.
Adani Enterprises Limited Company Update neutral materiality 3/10

29-05-2026

Adani Enterprises Limited has announced the withdrawal of its credit rating for commercial paper facilities by Acuité Ratings & Research Limited, at the company's request, due to no outstanding commercial paper facilities under that rating. The withdrawal applies to a ₹2,000 Crore commercial paper issue, with the rating action listed as 'Withdrawn'.

  • · The rating withdrawal was initiated at the company's request.
  • · The withdrawal is based on the fact that there are no outstanding commercial paper facilities under the rating.
  • · The press release issued by Acuité Ratings & Research Limited is attached for reference.
Infosys Limited Insider Trading / Sast neutral materiality 2/10

29-05-2026

Nandan M. Nilekani, a promoter of Infosys Limited, acquired 6,400 equity shares through transmission on May 27, 2026, at a price of ₹1,159.90 per share. This transaction increased his total shareholding from 4,07,83,162 to 4,07,89,562 shares, representing a negligible change from 1.01% to 1.01% of the total diluted voting capital. The acquisition had no material impact on his overall stake percentage.

  • · The acquisition was made through 'Transmission' (not open market purchase), indicating a transfer of shares due to inheritance or succession.
  • · The transaction was reported under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Regulation 29(2).
  • · No shares were encumbered (pledged/lien) before or after the acquisition.
TVS Motor Company Limited Company Update positive materiality 4/10

29-05-2026

TVS Motor Company Limited submitted its Annual Secretarial Compliance Report for the financial year ended 31st March 2026, confirming compliance with all applicable SEBI regulations, including LODR, PIT, ICDR, and others. The report, issued by Secretarial Auditor Mr. K Sriram of Sriram Krishnamurthy & Co., noted no observations or non-compliances, and no actions were taken by SEBI or stock exchanges during the period. The company has two material subsidiaries and has adopted and updated all required policies, with no negative or flat performance metrics reported.

  • · The Secretarial Compliance Report covers the financial year ended 31st March 2026 and is issued pursuant to Regulation 24A(2) of SEBI LODR Regulations.
  • · No observations were made in the previous report for FY ended 31st March 2025, so no actions taken report is required.
  • · The company has complied with all applicable Secretarial Standards (SS) issued by ICSI.
  • · All policies under SEBI Regulations have been adopted with Board approval and are periodically updated.
  • · None of the directors are disqualified under Section 164 of the Companies Act, 2013.
  • · The company has two material subsidiaries and has complied with disclosure requirements for material and other subsidiaries.
  • · Performance evaluation of the Board, Independent Directors, and Committees was conducted once during the financial year.
  • · Prior approval of the Audit Committee was obtained for all related party transactions, with omnibus approval for unforeseen transactions up to ₹1 Crore per transaction.
  • · All required disclosures under Regulation 30 of LODR were made within prescribed time limits.
  • · The company is in compliance with Regulations 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015.
  • · No actions were taken by SEBI or stock exchanges against the company, its promoters, directors, or subsidiaries during the review period.
  • · There was no resignation of Statutory Auditors from the listed entity or its material subsidiaries during the financial year.
  • · The terms of appointment of Statutory Auditors comply with SEBI Master Circular provisions.
  • · The company has complied with disclosure requirements for its Employee Stock Option Plan (ESOP 2024) approved in March 2024.
Adani Enterprises Limited Company Update neutral materiality 3/10

29-05-2026

Adani Enterprises Limited filed its Annual Secretarial Compliance Certificate for the year ended March 31, 2026, confirming overall compliance with SEBI regulations. However, the report disclosed a non-compliance incident from FY2023-24 where the company was fined ₹5,000 each by BSE and NSE for the delayed submission of a Board Meeting intimation under Regulation 50(1)(d) of SEBI LODR Regulations, which the company attributed to an inadvertent delay.

  • · The compliance certificate was issued by CS Ashwin Shah (CP No. 1640) with UDIN: F001640H000486025.
  • · The company confirmed compliance with all applicable SEBI regulations including LODR, ICDR, Takeover, PIT, and Depositories Regulations.
  • · No actions were taken by SEBI or Stock Exchanges against the company, its promoters, directors, or subsidiaries during the review period.
  • · The company has maintained a functional website with timely dissemination of documents and accurate web-links in corporate governance reports.
  • · None of the company's directors are disqualified under Section 164 of the Companies Act, 2013.
  • · The company has conducted performance evaluation of the Board, Independent Directors, and Committees at the start of every financial year.
  • · Prior approval of the Audit Committee was obtained for all related party transactions; no transactions occurred without prior approval during the review period.
  • · The company is in compliance with Prohibition of Insider Trading regulations (Regulation 3(5) & 3(6)).
  • · The previous year's report had no observations, so no follow-up actions were required.
  • · The fine for delayed Board Meeting intimation was imposed during FY2023-24, not the current review period (FY2025-26).
Yes Bank Limited Company Update neutral materiality 3/10

29-05-2026

Yes Bank Limited disclosed the outcome of its participation in the 360 ONE Capital (B&K) 16th Annual Investor Conference - TRINITY INDIA 2026, held on May 28, 2026. The bank conducted one-on-one and group meetings with 18 institutional investors and asset managers, including Millennium Capital Management, Flowering Tree Investment Management, Ambit Investment Advisors, Bandhan AMC, and Bajaj Finserv Asset Management. No unpublished price-sensitive information was shared during the meetings.

  • · The conference was held physically in Mumbai.
  • · The meetings were conducted on May 28, 2026, between 9:00 AM and 1:00 PM IST.
  • · The filing references a prior intimation letter dated March 06, 2026 (Ref: YBL/CS/2025-26/200).
  • · The disclosure is made under Regulation 30 read with Schedule III of SEBI LODR Regulations.
Ambition Mica Ltd Insolvency negative materiality 9/10

29-05-2026

Ambition Mica Ltd's approved resolution plan has failed due to non-payment/default by the Successful Resolution Applicant (SRA), Mr. Devenkumar Rameshbhai Patel. The resolution plan for ₹6 Crore (against total admitted claims of ₹44,00,74,412.72) was approved by NCLT Ahmedabad on 30.10.2025, but the SRA defaulted on payment milestones by February 2026. The Resolution Professional has filed an Interlocutory Application under Section 74(3) of IBC seeking breach directions, forfeiture of upfront payments, and re-initiation of CIRP with a fresh Form-G issuance and 90-day extension.

  • · The CIRP was originally initiated on 06.03.2024 under Section 9 of IBC (operational creditor petition).
  • · The resolution plan of Mr. Deven Patel was approved by the Committee of Creditors (CoC) with 100% voting in the 10th CoC meeting held on 09.01.2025; voting concluded on 24.02.2025.
  • · NCLT Ahmedabad approved the plan on 30.10.2025 vide IA (Plan) No. 9 of 2025.
  • · The first payment milestone was 30 days from approval (29.11.2025) — the SRA failed to pay CIRP cost of ₹50 Lakh, secured FC, unsecured FC, operational creditors, and EPFO dues.
  • · The second milestone (90 days, 28.01.2026) for secured FC payment was also missed.
  • · SRA requested time extension via email on 03.02.2026, first seeking payment by 20.02.2026, then by 31.03.2026.
  • · The 3rd Monitoring Committee meeting on 26.02.2026 resolved to file the breach application and seek re-initiation of CIRP with a 90-day extension.
  • · CoC also sent a mail on 21.02.2026 seeking forfeiture of upfront payment and invocation of Bank Guarantee.
  • · The Resolution Plan proposed issuing 1,00,000 equity shares of ₹10 each to Financial Creditors within 45 days of approval — this was also not implemented.
KSS Ltd-$ Insolvency neutral materiality 3/10

29-05-2026

KSS Ltd, undergoing Corporate Insolvency Resolution Process (CIRP) since January 2023, submitted its audited standalone and consolidated financial results for Q4 and FY ending March 31, 2026. The results were approved by Resolution Professional Dharmendra Dhelariya. The filing does not provide specific financial figures, making it a procedural update regarding the company's compliance with SEBI LODR Regulations.

  • · KSS Ltd (formerly K Sera Sera Ltd) has been under CIRP since NCLT Mumbai Bench order dated January 24, 2023.
  • · The company's Board powers are vested in Resolution Professional Dharmendra Dhelariya (IBBI/IPA-001/IP-P00251/2017-2018/10480).
  • · The meeting for approving financial results commenced at 02:30 PM and concluded at 02:45 PM on May 29, 2026.
  • · Enclosures include audited financial results (standalone & consolidated), statement of assets & liabilities, cash flow statement, and auditor's report.
  • · No actual financial figures are disclosed in this filing.
Tanla Platforms Limited Insider Trading / Sast neutral materiality 1/10

29-05-2026

Tanla Platforms Limited has announced a trading window closure for designated persons and their immediate relatives from June 1, 2026, until 48 hours after the declaration of the company's un-audited financial results for the first quarter ending June 30, 2026. This is a routine compliance measure under SEBI's insider trading regulations.

  • · Trading window closure effective from June 01, 2026.
  • · Window reopens 48 hours after declaration of Q1 FY27 (ending June 30, 2026) un-audited financial results.
  • · Filing made under SEBI (Prohibition of Insider Trading) Regulations, 2015.

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