Daily Filing Digest — Wednesday, 30 Sep 2026

KPI Green Energy signed a binding offer to buy 507.9 MW of operating wind capacity at Bhuj for an enterprise value of ₹2,410 crore. A fire at MRPL's Mangaluru refinery killed one person. Bata, South Indian Bank and Aarti Drugs changed their chief executives on the last day of the quarter. Tax demands landed on IRFC, RBL Bank, KNR Constructions, Shriram Finance and ixigo. Late in the evening, a lender filed an insolvency petition against Reliance Infrastructure's Mumbai Metro One joint venture. Shareholders voted down resolutions at five companies, including all nine at Akshar Spintex.

The one to read first

KPI Green Energy signed a binding offer on 29 September to buy 100% of Alfanar Energy (301.4 MW) and Netra Wind (206.5 MW), two wind companies at Bhuj, Gujarat.

• The enterprise value is ₹2,410 crore, in cash. The deal is expected to close by 28 February 2027, subject to definitive documents and approvals.
• Both sell power to SECI under 25-year contracts, with about 21 years left on a capacity-weighted basis, according to the press release. Installed IPP capacity goes from 1.16 GW to about 1.67 GW.
• The two companies' combined FY25 turnover was ₹277.45 crore. That is more than KPI Green's own FY26 revenue from sale of power and services, ₹248.19 crore.
• Not stated: how the deal will be funded, or how much debt the targets carry.

Full read: KPI Green's ₹2,410 Crore Wind Deal: What the Filings Say

Safety

• MRPL: a fire broke out at about 12:20 after a cold separator ruptured in the Coker Hydrotreater Unit and was put out by 14:47. Afterwards, "the body of one deceased person was found at the affected site". One person with burn injuries is in hospital.

People

• Bata India: Gunjan Shah completed his tenure as MD and CEO on 30 September. Sanjay S. Rao becomes MD and CEO from 1 October, to 23 August 2031, subject to approvals.
• South Indian Bank: P R Seshadri left office as MD and CEO on completing his term. Mahesh Muralidhar Pai takes over from 1 October for three years, approved by RBI and shareholders.
• Aarti Drugs: Prakash M. Patil ceased to be chairman, MD and CEO on early retirement. Adhish P. Patil gave up the CFO role on his promotion (see the 26 Sep digest).
• Maruti Suzuki: Kazunari Yamaguchi resigned as whole-time director (Production) after Suzuki Motor Corporation withdrew his nomination. He stays on as a non-executive director.
• New India Assurance appointed Lavanya R Mundayur as chairman and managing director.
• KFin Technologies: Vishwanathan Mavila Nair's term as chairperson ended. Dinesh Khara becomes chairperson from 1 October.
• LIC's CFO, Shatmanyu Shrivastava, retired on superannuation on 30 September.
• Himatsingka Seide: Akanksha Himatsingka, CEO of Home Textile Solutions, and Debasmita Gupta, group general counsel, resigned with effect from 30 September.
• Kronox Lab Sciences: three independent directors, Krutika Negandhi, Parth B. Shah and Satish Kumar, resigned on 29 September, the day Indo Borax took control (see the 29 Sep digest).
• 5paisa Capital: Ameya Agnihotri resigned as whole-time director and CTO from 30 September.

Tax and regulators

• IRFC received a GST show cause notice from Bihar's Hajipur Circle for April 2022 to March 2023. The amount in the notice is about ₹396.91 crore, including interest and penalty. IRFC says the issues "are generic in nature" and it will reply.
• RBL Bank received a GST notice proposing a demand of about ₹173.09 crore, including interest and penalty, for FY23. It concerns input tax credit under the separate registration for its digital banking vertical. The bank will respond.
• KNR Constructions received income tax penalty orders under section 270A for four search-related assessment years, AY 2017-18 to AY 2020-21. They total about ₹91.85 crore; the largest is ₹56.40 crore for AY 2019-20.
• Shriram Finance received an income tax penalty of about ₹67.90 crore under section 271(1)(c), for assessment year 2009-10.
• ixigo received a GST notice proposing about ₹23.80 crore (tax, interest and penalty) for FY23. The company collects GST on bus bookings at 5%. The authorities argue that, because it is also registered under 18% HSN codes, 18% applies.
• Clean Science: the Maharashtra GST search that began on 23 September has concluded. The department set a ₹9.9 crore reverse-charge liability, which the company says it can take back as input credit. The net cost is ₹2.0 crore of interest and non-creditable tax, which it will pay.
• Reliance Infrastructure: India Infrastructure Finance Co. (UK) has filed an insolvency petition under section 7 of the IBC against Mumbai Metro One, R-Infra's joint venture with MMRDA, to recover about US$182 million including interest, part of which Mumbai Metro One disputes. NARCL has also revoked the July 2026 restructuring agreement with Mumbai Metro One, because IIFC's approval, a condition precedent, was not obtained. R-Infra says the financial impact "cannot be ascertained". Filed at 22:50.
• YES Bank received an order determining an income tax refund of about ₹363 crore for AY 2017-18, giving effect to first-appeal orders. Separately, it received ₹258 crore from a trust holding security receipts from its 2022 sale of bad loans to JC Flowers ARC.
• Aarti Pharmalabs has gone to the Gujarat High Court against an order levying stamp duty and penalties of ₹59.50 crore on its 2022 demerger scheme.
• More GST notices for FY23: Sundrop Brands about ₹26.38 crore including penalty, from Uttar Pradesh; Kissht's lending subsidiary Si Creva Capital about ₹44.06 crore including interest and penalty, from Maharashtra; and Welspun Enterprises tax of about ₹15.37 crore plus interest and penalty, from Haryana.
• OCCL: the DGTR recommended raising the anti-dumping duty on insoluble sulphur imports from China from US$307 to US$485 per tonne, retrospectively from 3 July 2026, subject to Finance Ministry notification.
• Debock Industries disclosed SEBI's final order in its matter. The filing lists the case SEBI set out: fictitious preferential issues used to migrate to the NSE main board; sales inflated by about 72% in FY22 and 77% in FY23; fabricated bank statements; and diversion of the ₹49.50 crore raised in a June 2023 rights issue to promoters and related entities. The directions it summarises are against another noticee, Naturo IndiaBull (debarred for two years, ₹50 lakh penalty). The directions against Debock itself are not stated in the filing.
• Lloyds Enterprises settled SEBI proceedings under a July 2025 show cause notice alleging breaches of the fraudulent and unfair trade practices and listing rules. It settled without admitting or denying, and says there is no impact. The amount is not in the filing.

Deals

• Varun Beverages: its South African subsidiary's ZAR 238 million purchase of Crickley Dairy has been referred to arbitration at the Arbitration Foundation of Southern Africa, "due to non-fulfillment of condition precedent on or before the long stop date i.e. September 30, 2026".
• Varroc Engineering's subsidiary Varroc Italy will stop manufacturing and laboratory testing in Italy, retaining only sales and part of R&D, from January 2027, subject to consultation with local unions.
• Linde India completed the purchase of Tata Steel's 2 × 1,800 TPD air separation units at Kalinganagar.
• Thermax bought the remaining 49% of TSA Process Equipments for ₹42 crore in cash, in one or more tranches.
• Puravankara completed the sale of its subsidiary Purva Ruby Properties to a company owned by an ICICI Prudential AIF, for an estimated ₹145 crore.
• Rane Holdings completed the transfer of its Velachery land in Chennai for ₹361.18 crore. It has received ₹200 crore so far.
• Jio Financial invested ₹320.05 crore in its 50:50 general insurance venture with Allianz through a rights issue, as did Allianz. Its total investment is now ₹375 crore.
• Adani Ports' Colombo West International Terminal doubled its capacity from 1.6 million to 3.2 million TEUs, with total investment of US$750 million.
• Prime Focus shareholders approved raising up to ₹3,000 crore and related-party transfers between subsidiaries, including Brahma India for US$90.09 million.
• Asian Energy Services: the NCLT sanctioned the merger of its holding company Oilmax Energy into it: 117 shares for every 10 Oilmax shares.
• Kirloskar Oil Engines' subsidiary will buy promoter-group company Kirloskar Trading SA, in South Africa, for ₹8.25 crore (ZAR 14.08 million), a related-party deal.
• Vedanta group: GLAS, trustee for US$400 million of guaranteed senior "Tap Bonds" issued on 16 September, disclosed an encumbrance over promoter-group shares of Vedanta and its listed demerged companies (Vedanta Power, Vedanta Oil and Gas, Vedanta Iron and Steel, Vedanta Aluminium Metal). This filing covers 56.38% of Vedanta Iron and Steel. The encumbrance arises from the bond terms restricting disposals; the filing says "no pledge has been created".

Capacity and orders

• Ambuja Cements commissioned new grinding and blending capacity in Uttar Pradesh and Maharashtra, taking consolidated capacity to 113.45 MTPA.
• Waaree Energies' subsidiary started a 1.10 GW inverter line at Sarodhi, taking inverter capacity to 4.15 GW.
• L&T signed two contracts with Dubai's Roads and Transport Authority for the Latifa Bint Hamdan Corridor, one "large" and one "significant" in L&T's bands, due by the end of 2028.
• Transrail Lighting won orders worth ₹574 crore, taking this year's intake to ₹1,609 crore. It is L1 on another ₹694 crore.
• NCC received two more orders in September totalling ₹500.22 crore (excluding GST), besides the ₹1,076.71 crore order reported on 28 Sep.
• Smartworks signed managed-office deals with new clients worth about ₹305 crore of contracted rent over up to 60 months.
• Kanohar Electricals received a domestic "Large Order" for 400 kV power transformers, to be executed in 24 months. In its bands, large means ₹250 crore and above.
• NLC India's renewables subsidiary won a 265 MW / 530 MWh standalone battery storage project in Haryana from SJVN, at ₹2,35,000 per MW per month.
• NTPC: NTPC Green declared commercial operation of 73.06 MW and 80.88 MW of its Kalasar solar project in Bikaner. Group installed capacity is now 91,456 MW.
• HUDCO sanctioned ₹1,04,592 crore of loans in the half year to September (provisional) and disbursed ₹35,371 crore, against ₹25,838 crore a year earlier.
• Mahindra Lifespaces added three Mumbai redevelopment societies, in Borivali and Chembur, with a potential GDV of ₹1,500 crore.
• Aurobindo Pharma's US subsidiary Acrotech launched ADQUEY (difamilast 1%) for atopic dermatitis, in a market it puts at about US$1.3 billion.
• Rainbow Children's Medicare signed a 60-year lease for about 2 acres in Amaravati for a 250-bed children's hospital.

Capital

• Inox Green Energy Services allotted 1,81,10,473 shares to 20 institutions at ₹165.65, a 5% discount to the floor price, raising about ₹300 crore.
• Vedanta allotted ₹2,000 crore of unsecured NCDs.
• Apollo Tyres allotted ₹500 crore of NCDs at 7.81%, maturing in September 2029.
• Tips Music completed its buyback: 6,71,946 shares at an average ₹661.30, about ₹44.44 crore, 99.86% of the maximum.
• Canara Bank is exercising the call option on its ₹1,500 crore of 8.40% Basel III AT1 bonds issued in October 2021.
• Cupid raised its FY27 guidance to revenue of ₹800 crore or more and net profit of ₹250 crore or more. It expects Q2 revenue to cross ₹200 crore.
• Vikran Engineering's board approved a corporate guarantee of up to ₹2,941.19 crore for a wholly owned subsidiary, plus up to ₹200 crore of extra promoter contribution into it.
• Clean Max Enviro Energy listed ₹2,500 crore of green NCDs in five series.
• Stake sales: Allied Blenders and Distillers promoter Bina Kishore Chhabria sold 55,00,000 shares (1.97%) on 23 September; India Business Excellence Fund III sold 30,00,000 shares of Molbio Diagnostics the same day and now holds 8.92%.

Shareholder votes

• Akshar Spintex: none of the nine AGM resolutions passed. The note says "all the aforesaid resolutions were deemed not passed by the Members".
• Tarmat: the special resolution to reappoint Amit Atmaram Shah as executive director was not approved, with 88.82% dissenting. He ceased to be a director and KMP on 30 September.
• Rubfila International: a special resolution to ratify selling its entire stake in Premier Tissues India was not passed, with 68.01% of votes against.
• Trust Fintech: the reappointment of director Anand Kane was defeated, with 99.986% of votes against.
• Hexagon Nutrition's board took note of two requisitions for EGMs, received on 24 September. One is from Kelkar family members holding 38.41%, to appoint Arun Purushottam Kelkar. The other, from members holding 24.67%, concerns the managing director's remuneration. This follows the AGM defeats reported on 23 Sep.
• Timescan Logistics (SME): the reappointment of managing director Moulana Taufeek Islam did not receive the requisite majority, and he ceased to hold office on 28 September.
• Hexaware Technologies published rebuttals to proxy advisers IiAS and ISS on its eight-item postal ballot, asking them to revise their recommendations. E-voting closes on 9 October.

Credit and insolvency

• Themis Medicare was downgraded by CARE to BB+ (Stable) from BBB- (Negative) on long-term facilities of ₹77.39 crore.
• Upgrades: Paras Defence to ICRA A (Stable) from A- (Positive); Punjab Chemicals to CARE A- (Stable) from BBB+.
• Auri Grow India: the NCLT Indore admitted an operational creditor's petition under section 9 of the IBC. Rajesh Jasti is interim resolution professional.

Clarifications

• Sun TV called a report of a possible demerger of its sports division "a rumour".

Educational research, not investment advice. Every figure above is drawn from the named company's or regulator's own filing dated 30 September 2026 (or the date shown) and checked against the source; amounts are rounded from the filed figures. No buy/sell recommendations, no price targets. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.