Mumbai: Minority shareholders of industrial gases and engineering company Linde India have alleged that the listed company is keeping from the public a crucial valuation report that is key to resolving a long-drawn dispute between minority shareholders and the company.
Market regulator Securities and Exchange Board of India (SEBI) had in 2024 directed the National Stock Exchange (NSE) to appoint a valuer, citing investor complaints that Linde India had allegedly unfairly hived off a potentially lucrative business to an unlisted subsidiary without the approval of all shareholders.The company had appealed against the SEBI order to the Securities Appellate Tribunal (SAT) and Supreme Court, which did not stop the valuation exercise. In its order dated 16 January, 2026, the Supreme Court said, “We make it clear that there is no stay, but before an action is taken on the valuation, this court shall be informed about it.”
Linde India released its results for the 2025-26 fiscal on 2 June this year, which is when the minority shareholders realised that the NSE has handed over the valuation report to the company, but Linde India was yet to make it public.From the report, minority investors also found that Linde approached the Supreme Court on 1 April, 2026, asking it to direct SEBI to not take any steps or actions regarding the valuation report. The interlocutory application is pending before the Supreme Court.The company’s secretarial compliance report with the results showed it received the valuation report on 24 March.“We just learned a week ago that the valuation report has been submitted to the company. It has been over two months and such a crucial document has not been made public to shareholders of Linde India, despite SEBI’s July 2024 order stating that the valuation report should be made public,” a minority shareholder said on condition of anonymity.“Since the July 2024 SEBI order, Linde has been making every effort first to stall the valuation exercise by repeated requests at SAT, and then appeals in the Supreme Court to stay the valuation exercise. Later, it delayed sharing data with the valuation expert of SEBI, objecting to his appointment. Now, when the valuation report is actually out, it is using the Supreme Court to stall SEBI from action on the valuation report, and also from minority shareholders/ mutual funds knowing.”Linde India did not respond to ThePrint’s questions sent by email Tuesday. SEBI also did not respond Tuesday.
