SAT Upholds SEBI on Linde India RPTs: Aggregation & Valuation Required

• SAT dismissed Linde India's appeal, upholding SEBI's order on related-party transaction (RPT) compliance.
• Linde must aggregate all transactions with related parties, like Praxair India, for materiality assessment under listing regulations.
• Shareholder approval is mandatory if aggregated yearly RPTs exceed Rs 1,000 crore or 10% of annual turnover.
• The Joint Venture Strategic Handling Agreement (JVSHA) business allocation was ruled an RPT, requiring proper valuation for transferred resources.
• Linde India must now aggregate RPTs, secure shareholder approval where thresholds are breached, and appoint an independent valuer for JVSHA transfers.

Why It Matters: SAT's ruling mandates stricter related-party transaction rules, protecting shareholders.