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Major Relief for SEPC as Madras High Court Lifts Attachment on Rs 154 Crore Receivables Following Dispute Settlement

The company says the settlement was funded by another judgment debtor under a 2015 indemnity agreement, with no direct cash outflow for SEPC.

TBT Online Desk
October 5, 2026 3 Min Read
Chennai (Tamil Nadu) [India], October 5: SEPC Limited (NSE: SEPC | BSE: 532945), a leading EPC company with established expertise in industrial infrastructure, process plants, water and wastewater management, has announced that the Hon’ble High Court of Madras, through its Common Order dated September 30, 2026, has brought a full and final closure to the execution proceedings filed against the Company and other co-parties by the Award Holders. The Court has terminated all the related Execution Petitions and closed all connected pending applications, following a Joint Memo of Compromise executed between the parties. The order marks a significant positive development for SEPC. The attachment on the Company’s receivables of ₹154 crore has been removed with immediate effect, and all restrictions on its banking operations have been completely lifted. Importantly, the settlement involves no direct monetary outflow for SEPC, as the entire settlement amount has been paid by another party to the proceedings under a 2015 indemnity agreement.

Key Highlights of the Order

  • Full and final settlement: The parties agreed to a total settlement of ₹149.5 crore, comprising a Demand Draft of ₹147 crore submitted before the Court and ₹2.5 crore already lying to the credit of the Court, which will be paid to the Award Holders.
  • Nil outflow for SEPC: The settlement amount has been paid entirely by another party under a 2015 indemnity agreement, with no direct monetary outflow for the Company.
  • ₹154 crore of receivables unlocked: All interim attachments made under these petitions now stand raised, releasing receivables of ₹154 crore with immediate effect.
  • Banking operations restored: All restrictions on the Company’s banking operations have been completely lifted with immediate effect.
  • All proceedings closed: All listed and un-numbered Execution Petitions have been terminated and all connected pending applications closed.
With this order, all long-standing disputes and the related execution liabilities under these petitions stand fully concluded and settled. Commenting on the development, Mr. Venkataramani Jaiganesh, Managing Director, SEPC Limited, said: “We welcome the order of the Hon’ble High Court of Madras, which brings these long-standing proceedings to a full and final closure. The matter has been settled with no direct cash outflow for SEPC, and the release of ₹154 crore of receivables, along with the lifting of all banking restrictions, gives the Company greater financial flexibility with immediate effect. With this matter now behind us, our focus remains firmly on project execution and on delivering sustainable growth for all our stakeholders.”

About SEPC Limited

SEPC Limited (formerly Shriram EPC Limited) is a well-established EPC company offering turnkey solutions across Water & Wastewater, Roads, Industrial Infrastructure, and Mining sectors. The company specializes in the design, procurement, construction, and commissioning of large and complex infrastructure projects across India. SEPC serves a wide range of clients, including Central and State Government agencies, and continues to play a key role in India’s infrastructure development. In FY26, the Company delivered Total Income of ₹1,085.8 Cr, EBITDA of ₹108.9 Cr, and Net Profit of ₹53.5 Cr, against Total Income of ₹646.0 Cr in FY25, with Net Profit more than doubling over the previous year. Disclaimer: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Tags:

epcexecution petitionslegal disclosuremadras high courtNSE SEPCreceivablesSEPCsettlement

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