Oil Country Tubular Limited (OCTL) announced on June 3, 2026, that it has received a Show Cause Notice (SCN) dated June 2, 2026, from the Securities and Exchange Board of India (SEBI). The SCN has been issued under Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995, initiating adjudication proceedings. The alleged violations pertain to non-disclosure of an ICD Agreement and its Addendum Agreements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). Further, the company is accused of not obtaining prior shareholder approval for the ICD Agreement and its First Addendum Agreement as material related party transactions under Regulation 23(4) of the LODR Regulations. Additionally, it allegedly failed to secure Audit Committee, Board, and shareholder approvals for the Second Addendum Agreement under various LODR Regulations. The Show Cause Notice does not quantify any monetary penalty, and the financial implications, if any, will be determined upon the conclusion of the adjudication proceedings. The company stated that the impact cannot be ascertained at this time. The full disclosure is available on the company's website at www.octlindia.com.
