India SEBI Regulatory Enforcement Actions — October 28, 2026

28-10-2026

The Phoenix Mills Limited disclosed that the NCLT Mumbai Bench approved, by order dated October 27, 2026, the selective reduction of equity share capital of Island Star Mall Developers Private Limited (ISMDPL), a material subsidiary, through cancellation of 3,25,69,360 equity shares held by CPP Investments for cash consideration of ₹1350 Crore. Post-completion, the Company's stake in ISMDPL rises from 58.33% to 68.10% (CPP Investments falls from 41.67% to 31.90%), with full exit targeted within 30 days of filing the certified NCLT order with the RoC, though the certified copy of the order is still awaited.

• · The NCLT approval order is dated October 27, 2026, but the certified copy is still awaited; ISMDPL must then file with the RoC within prescribed timelines.
• · Consideration is payable in cash within 30 days of filing the certified NCLT order with the RoC.
• · The transaction is a related party transaction under Section 2(76) of the Companies Act, 2013 and Regulations 2(1)(zc) and 23 of SEBI Listing Regulations; Audit Committee, Board and shareholder approvals have been obtained, and a valuation report was obtained from Bansi S. Mehta Valuers LLP.
• · Promoter/promoter group reportedly have no interest in the shares being acquired.
• · Upon completion, ISMDPL becomes a wholly owned subsidiary of the Company.
• · ISMDPL operates Phoenix MarketCity Bengaluru and, via subsidiaries, Phoenix Mall of Millennium/Millennium Towers (Pune), Phoenix Mall of Asia/Phoenix Asia Towers (Bengaluru) and Phoenix Citadel (Indore).
• · Earlier steps: Tranche 1 (Nov 14, 2025) took the Company's stake from 55.57% to 58.33% after ISMDPL's buyback and acquisition of 62,66,737 shares from CPP Investments.

28-10-2026

SEBI issued an adjudication order dated October 28, 2026 in the matter of Swaraj Shares and Securities Private Limited, a regulatory enforcement action against the company. The filing content provided contains only the title and header, so the nature of the violations, any penalty amount, and the outcome are not disclosed in the excerpt.

• · Order issued by SEBI's Adjudicating Officer (AO) under the Enforcement category
• · Full order text needed to determine alleged violations, penalty quantum, and any directions issued

28-10-2026

Polycab India Limited disclosed, under Regulation 30 of SEBI (LODR) Regulations, 2015, an update on an appeal in the insolvency matter Asier Metals Private Limited vs. Polycab India Limited. The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, on October 27, 2026 directed MSCI not to delist Polycab from its index until the tribunal pronounces its order on the reserved appeal, which was filed by a suspended director of the company. The filing contains no monetary, financial performance, or period-over-period data.

• · NCLAT appeal is Company Appeal (AT) (Insolvency) No. 1940 of 2026, filed by suspended director Bharat Ajay Jaisinghani against Asier Metals Pvt. Ltd. & Anr.
• · The MSCI index review cycle was due to start on October 28, 2026, which is why the appellant sought an interim stay on delisting
• · Appeal was reserved for orders on October 27, 2026; the NCLAT's interim direction remains in force until the order is pronounced
• · This is the sixth Regulation 30 intimation on this matter, following disclosures dated October 07, 08, 09, 14 and 16, 2026

28-10-2026

Adani Enterprises Limited reported consolidated revenue from operations of ₹37,215.62 Cr for Q2 FY27 (quarter ended 30-09-2026), up 75.2% YoY from ₹21,248.51 Cr, but the quarter swung to profit after tax of ₹1,220.99 Cr versus ₹3,414.43 Cr a year earlier, a 64.2% decline, while the half-year PAT turned to a loss of ₹(240.55) Cr versus a profit of ₹4,390.91 Cr. Sequentially, the company posted a net loss of ₹(1,461.54) Cr in Q1 FY27, driven by a ₹2,644.02 Cr OFAC settlement recorded as an exceptional item. The filing also disclosed a ₹15,000 Cr Qualified Institutional Placement and a settlement with the U.S. OFAC.

• · Standalone revenue from operations was ₹5,967.57 Cr in Q2 FY27, up 17.8% YoY from ₹5,066.43 Cr, while standalone PAT fell 71.1% YoY to ₹1,224.45 Cr from ₹4,235.39 Cr.
• · Consolidated half-year revenue from operations rose 62.3% YoY to ₹70,139.60 Cr, while consolidated half-year PAT swung to a loss of ₹(240.55) Cr from ₹4,390.91 Cr.
• · Net Worth on a consolidated basis reached ₹103,713.28 Cr versus ₹89,178.22 Cr at 31-03-2026, while Total Borrowings to Total Equity (Debt Equity Ratio) improved to 0.94 from 0.97.
• · Copper segment revenue rose to ₹14,772.36 Cr in Q2 FY27 from ₹1,358.64 Cr a year earlier, while Road segment revenue fell 73.7% YoY to ₹430.07 Cr from ₹1,663.96 Cr.
• · Commercial Mining segment EBIT was roughly breakeven at ₹0.49 Cr in Q2 FY27 versus a loss of ₹(397.85) Cr a year earlier.
• · Operating cash flow for the half year was ₹6,318.24 Cr (consolidated) versus ₹628.46 Cr a year earlier; standalone operating cash flow was negative at ₹(1,105.04) Cr.
• · Standalone interest service coverage ratio improved to 7.97x in Q2 FY27 from 2.73x a year earlier.
• · Regulatory matters: SEBI disposed of remaining show cause notices via settlement orders dated 22 and 28 Sept 2026; the U.S. EDNY dismissed the DOJ indictment against an executive director on 10 Aug 2026; MIAL faces a CBI chargesheet involving ₹845.76 Cr of alleged diverted funds, with no adjustments made to results.