India SEBI Regulatory Enforcement Actions — October 17, 2026

17-10-2026

The National Company Law Tribunal (NCLT), Mumbai Bench-I, on October 16, 2026 sanctioned the Scheme of Amalgamation of Piombino Steel Limited (unlisted transferor) into JSW Steel Limited (listed transferee), with an appointed date of January 1, 2026. The scheme becomes effective once the certified order is filed with the Registrar of Companies, Mumbai, and the stock exchanges will be notified of the effective date. The Regional Director raised no objections, and the equity shareholder approval was 94.86% overall and 97.20% from public shareholders.

• · Share exchange ratio: 10 fully paid-up equity shares of JSW Steel (Re. 1 face value) for every 156 equity shares of Piombino Steel (Rs. 10 face value)
• · Stated rationale includes enabling JSW Steel to directly hold its investment in Bhushan Power and Steel Limited (BPSL) and eliminating minority shareholder involvement in BPSL-related transactions
• · The Regional Director, Western Region filed a report on September 17, 2026 raising no objections
• · Income Tax Department may examine any tax payable under the Scheme and take action against JSW Steel as transferee
• · JSW Steel must comply with FEMA, RBI regulations, BSE/NSE observation letters dated April 1, 2026, and the outcome of a de-novo inspection under the Companies Act, 2013
• · Scheme approved by Board of both companies on December 3, 2025; NCLT first motion order dated July 2, 2026
• · Piombino Steel shares are not listed on any recognised exchange; JSW Steel's NCDs are listed on BSE

17-10-2026

R&B Denims Limited disclosed that the Enforcement Directorate (Ministry of Finance) conducted a search proceeding at the company's registered office in Surat and at the premises of promoters Amit Dalmia and Deepak Dalmia, beginning October 16, 2026. The company states there is no material impact on its financials or operations at present, and that the violations alleged and the date of the authority's order or direction have not yet been communicated.

• · Search at the registered office began 07:00 am on Friday, October 16, 2026; the filing states it concluded at 3:15 am on 'Saturday, October 11, 2026', which is an internal date inconsistency (October 11, 2026 is a Sunday and precedes the start date), so the end date appears to be a typographical error
• · Search at Amit Dalmia's premises ran from 08:10 am to 10:50 pm on October 16, 2026
• · Search at Deepak Dalmia's premises ran from 08:42 am to 11:00 pm on October 16, 2026
• · The search was conducted under a warrant issued by the Enforcement Directorate; the Authority has not yet informed the company of the date of the warrant/order, the specific violations alleged, or the nature of any further order
• · The company commits to disclose any material update under SEBI Listing Regulations