What’s new

• Tandhan Polyplast made ₹14.92 cr in related-party transactions in the quarter ending December 2025.
• The parent company did not obtain the required shareholder approval for any of the three payments.
• The monitor says the payments deviate from the ₹126.76 cr preferential issue's stated objects.

Why it matters

The money came from a ₹126.76 crore raise earmarked for subsidiary investment, debt repayment, and working capital. The monitor found it went to group entities in transactions that broke the rules. Infomerics also said it couldn't determine the full scope of the deviation. That lack of visibility is the governance gap.

What we’re watching

• Whether Tandhan holds a ratification vote for the transactions it has already made.
• If SEBI or the exchanges question the compliance lapse and fund diversion.
• The company's next filing to clarify the purpose of each payment to group entities.

The full read

Tandhan Industries raised ₹126.76 crore from investors to put into its subsidiary, pay down debt, and fund operations. The subsidiary then sent ₹14.92 crore to group entities in a single quarter without the shareholder vote the rules required. The monitor, Infomerics, broke down the flows: a ₹7.5 crore security deposit, ₹3.12 crore in trade advances, and ₹4.30 crore in capital payments. It could not determine the full scope of the deviation. For a company with a ₹565 crore market cap, that is a significant chunk of the raise. The report is also six months late, filed in June for a period ending the previous December. The core issue is simple. Money raised for capex and debt went to related parties instead, and the required approval was never sought.

Primary source: BSE · NSE