The Securities Appellate Tribunal (SAT) on Wednesday set aside an interim order by the Securities and Exchange Board of India (Sebi) against Linde India, an industrial gases company.
The tribunal has asked the company to appear before Sebi on May 27 for inspection of documents and file a reply within one week.
Sebi has also directed the National Stock Exchange to carry out a valuation of the company’s business and its related party transactions following complaints by the shareholders.
The matter pertains to various agreements and transactions by Linde India with its related parties Praxair India and Linde South Asia Services, carried out without shareholder approval.
In the interim order, Sebi had told Linde India to comply with listing norms with respect to determination of future related party transactions and to obtain shareholder approvals if the aggregate value of the transactions exceeds materiality thresholds.