Weekly Filing Digest — 28 September to 3 October 2026

Shareholders defeated resolutions at nine companies this week, including a deal-linked payout at Manipal Health and every item at Akshar Spintex's AGM. The week's other theme was price and permission set by the state: the UPI payments body put a price on merchant payments, the insurance regulator proposed commission caps, the oil ministry's refusal to extend a contract handed Vedanta's Cambay field to ONGC, and a GST rate dispute hit ideaForge. And the first Q2 numbers arrived: 22 banks, and loans are outrunning deposits.

The shape of the week

*Friday was Gandhi Jayanti, a market holiday; companies still filed.

How we read changed again. Two changes this week:

• NSE only. From 28 September our feed reads NSE alone, so the intake column is not comparable with last week's. BSE-only filings are not reported.
• A completeness check. From 1 October, each day we compare NSE's own announcement lists with our feed. We read by hand the late equity filings and every SME and debt filing missing from it: 30, 60 and 85 documents on the last three days. That check found Bajaj Finance's ₹17,500 crore raise, filed after 23:00 on 1 October, and two SME votes that went against the board.

THE FINE PRINT

Where this week's real problems were disclosed.

Shareholders said no. Resolutions were defeated at nine companies:

• Manipal Health: shareholders rejected an "upside sharing arrangement" between Manipal Research & Management Services International and TPG SG Magazine, with 61.99% of valid votes against. The other ten resolutions passed. (1 Oct)
• Akshar Spintex: none of the nine AGM resolutions passed. (30 Sep)
• Trust Fintech: director Anand Kane's reappointment was defeated, with 99.986% against. (30 Sep)
• Tarmat: Amit Atmaram Shah's reappointment as executive director failed, with 88.82% dissenting. He has left the board. (30 Sep)
• Rubfila International: ratification of the sale of its entire stake in Premier Tissues India failed, with 68.01% against. (30 Sep)
• Antarctica: two resolutions were defeated, on loans and guarantees (Section 185) and a higher investment limit (Section 186). (28 Sep)
• Timescan Logistics (SME): the managing director's reappointment did not get the requisite majority. (30 Sep)
• GenXAI Analytics (SME): a related-party deal with its US step-down subsidiary was rejected, with 71.79% against and the related promoters not voting. Vishnusurya Projects (SME): commission for non-executive directors failed, with 80% against. (1 Oct)

Two more votes passed only on promoter votes, with heavy dissent:

• Royal Orchid Hotels: institutions voted 96% against adopting the audited accounts (28 Sep).
• CarTrade Tech: a related-party deal passed with 21.05% of votes against (29 Sep).

Regulators and investigators.

• Adani group: SEBI settled the minimum-public-shareholding case against four Adani companies and 14 others, for ₹37,05,000 a company and "without admitting or denying the facts and conclusions of law". Full read
• Reliance Infrastructure and Reliance Power each disclosed that CBI's press release names them as accused in its second chargesheet in the Reliance Home Finance matter. (1 Oct)
• Debock Industries disclosed SEBI's final order. Among the allegations SEBI set out: fictitious preferential issues and sales inflated by about 72% in FY22. (30 Sep)
• SEBI warning letters went to PNB (insider-trading violations by designated persons), Deepak Fertilisers and Balaji Amines (non-disclosures). (1 Oct)
• Sai Parenterals: its monitoring agency reported deviations of up to ₹238.74 million in the use of IPO proceeds for the June quarter. (3 Oct)

Tax. A busy week, with demands raised, cut and fought:

• New demands:
  • IRFC: about ₹396.91 crore of GST (30 Sep);
  • SRF: ₹266.32 crore of input credit (1 Oct);
  • ICICI Bank: about ₹229.14 crore on services to minimum-balance accounts (1 Oct);
  • RBL Bank: about ₹173.09 crore (30 Sep).
• ideaForge's order, ₹54.59 crore plus an equal penalty, is about half its FY26 revenue (our arithmetic). Full read
• Cut down:
  • Eureka Forbes' UP demand fell from ₹273.40 crore to ₹4.50 crore (1 Oct);
  • Skipper's fell from ₹227.53 crore to ₹40.96 crore (3 Oct);
  • Equitas SFB's Tamil Nadu demand fell from ₹533.81 crore to ₹23.95 crore (28 Sep).
• Penalties:
  • KNR Constructions: about ₹91.85 crore of income-tax penalties (30 Sep);
  • Shriram Finance: about ₹67.90 crore (30 Sep);
  • Emcure: ₹57.74 crore (2 Oct);
  • United Breweries: about ₹54.83 crore (29 Sep).

Defaults.

• Siti Networks (in insolvency): ₹1,206.03 crore of loans in default across eight lenders.
• Gayatri Highways: a ₹50.15 crore default.

(1 Oct)

Auditors.

• We found no statutory-auditor resignation at a listed company in this week's dailies.
• Mankind Pharma: S.R. Batliboi resigned as auditor of its subsidiary Bharat Serums and Vaccines, which its shareholders had voted to liquidate (28 Sep).
• Vipul: its FY26 results carry a modified audit opinion (29 Sep).

Safety. At MRPL, a cold separator ruptured and caught fire on 30 September, and "the body of one deceased person was found at the affected site". The company later withdrew fuel export tenders. (30 Sep, 1 Oct)

THE RECEIPTS

Moat evidence that strengthened this week.

JLR's brands. Range Rover, Range Rover Sport and Defender were 77.6% of JLR's Q2 wholesale volumes, up from 76.7%. Defender retail sales rose to 29,500 from 25,370, even as total retail sales fell. Full read

Azad Engineering. It opened two more lean manufacturing facilities dedicated to GE Vernova's gas power business, taking its dedicated facilities for that customer to three. Dedicated plants for one customer are switching costs made of concrete. (28 Sep)

STL. A wholly owned subsidiary signed a long-term supply agreement with "A hyperscale partner", allocating optical connectivity volumes for every calendar year to 2030, with capped liabilities on both sides. Full read

OCCL. India's trade-remedies authority recommended raising the anti-dumping duty on insoluble sulphur from China, from US$307 to US$485 a tonne, subject to the Finance Ministry's notification. (30 Sep)

KPI Green Energy. Its ₹2,410 crore offer buys two wind farms whose power is sold to SECI under 25-year contracts, with about 21 years left. The two farms' FY25 turnover exceeded KPI Green's own power and services revenue. Full read

The sector pattern underneath

Last week's lesson was that advantages granted by governments can be withdrawn. This week the state set prices and pulled permissions directly:

• Price set by committee. UPI now carries a 0.4% merchant charge above ₹2,000, and NPCI says the fee distribution and category caps are decided by the UPI and Services Steering Committee, not by individual banks or fintechs. Full read
• Commissions capped. The insurance regulator's draft would cap what distributors earn, and change who keeps the margin. Full read, Policybazaar
• A field handed over. The oil ministry declined to extend Vedanta's Cambay contract; ONGC took over operations on 24 July. Rajasthan, which is 83% of Vedanta Oil & Gas's output, is the bigger question. Full read
• A rate in dispute. ideaForge says the government clarified drones are taxed at 5%; the tax department's order says the 2022–24 rate was 13 points higher. Full read
• Permission sought. Shyam Metalics' ₹50,000 crore steel plant starts with "obtaining the necessary approvals" from Maharashtra, under a non-binding MoU. Full read

The pattern: in regulated industries, the moat check starts with who sets the price and who can say no.

The first Q2 numbers. Two scoreboards from the companies' own filings:

• Autos: Tata Motors' cars grew fastest (+40.3%) among the 11 automakers we ranked. Full read
• Banks: across 22 banks, loans grew a median 21% and deposits 17%, and the cheap-deposit share is falling at most banks that disclose it. Full read
• Lenders raising capital: Bajaj Finance plans up to ₹17,500 crore of new equity, without stating a use (full read).
• Leadership: HDFC Bank, Kotak and ICICI Life named new chief executives, all trained at ICICI (full read).

Corrections and clarifications

• KPI Green article (30 Sep): it described contracted revenue as MoatSCORE dimension D3. On our MoatSCORE framework, D3 is cost advantage. We are correcting the label; the analysis is unchanged.
• Auto Q2 scoreboard (1 Oct): our first build missed Hero MotoCorp's September filing, which NSE titles "Press Release". It was added before publication.

What we're watching next week

• Banks: HDFC Bank, ICICI, SBI, Axis and Kotak's Q2 business updates, and margins with the results.
• JLR: confirmed Q2 volumes by 7 October; the Jaguar Type 01 launch on 6 October.
• Hexaware: postal-ballot e-voting closes 9 October, after it published rebuttals to proxy advisers.
• Som Distilleries: the court's deadline for renewing its licences, about 9 October.
• Transport Corporation of India: buyback record date, 9 October. Hitech Corporation: delisting bids, 7–13 October.
• Vedanta Oil & Gas: the Division Bench appeal on Cambay.
• ICICI Life: Anup Bagchi's last day, 13 October; Sidharatha Mishra's start subject to IRDAI approval.

This week's daily digests: 28 · 29 · 30 · 1 · 2 · 3. This week's articles: Anupam Rasayan · IRDAI · Policybazaar · UPI MDR · Adani SEBI · KPI Green · Auto Q2 · Bajaj Finance · HDFC & Kotak · STL · Shyam Metalics · ideaForge · Bank Q2 · Vedanta Oil & Gas · JLR.

Educational research, not investment advice. Every figure above is drawn from the named company's own primary filing, or the regulator's or rating agency's document it filed, as verified in our daily digests; derived figures are our arithmetic. Nothing here alleges wrongdoing beyond what the documents state. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.