Shares of Linde India Ltd. climbed as much as 12% on Friday, November 6, after the Supreme Court directed the company to share with the Securities and Exchange Board of India (SEBI) the valuation report relating to its transaction with Praxair.
The development comes amid a regulatory dispute over related-party transactions (RPTs) between Linde India and Praxair. The key issue is whether the transaction qualifies as a material related-party transaction, in which case approval from the company’s minority shareholders would be required.
Linde India had argued that the business arrangement between the company and Praxair was a decision taken at the board level.
The dispute has been ongoing, with both SEBI and the Securities Appellate Tribunal (SAT) examining the company’s related-party transactions.
In March 2026, Linde India’s minority shareholders voted against a resolution seeking approval for related-party transactions with Praxair, involving a total transaction value of ₹417 crore.
As many as 89.23% of shareholders voted against the resolution, while 10.77% voted in favour. The BOC Group Limited, the company’s holding company and a related party, did not vote on the resolution.
Earlier, in December 2025, SAT upheld SEBI’s directions concerning Linde India’s related-party transactions and dismissed the company’s appeal challenging the regulator’s action.
SAT had observed that Linde India’s interpretation of the testing requirements for related-party transactions was contrary to SEBI’s provisions.