Description

SEBI issues a Release Order for Ram Minerals and Chemicals Ltd. (formerly ICVL Chemicals Limited) and Suresh Aggarwal Kumar, releasing previously attached assets under recovery Certificate No. 5415 of 2022.

Summary

SEBI has issued a Release Order dated February 19, 2026, in respect of Ram Minerals and Chemicals Ltd. (formerly known as ICVL Chemicals Limited) (PAN: AACCI5978A) and Suresh Aggarwal Kumar (PAN: AARPA4113B), who are named as defaulters jointly and severally. The release pertains to Certificate No. 5415 of 2022, issued under SEBI’s recovery proceedings. This order signifies the release of attachment(s) previously levied on the assets of the defaulters under the said certificate.

Key Points

  • SEBI has issued a Release Order under its recovery proceedings powers
  • The defaulters are Ram Minerals and Chemicals Ltd. (formerly ICVL Chemicals Limited) (PAN: AACCI5978A) and Suresh Aggarwal Kumar (PAN: AARPA4113B)
  • The liability is joint and several between the company and the individual
  • The underlying recovery certificate is Certificate No. 5415 of 2022
  • The release order indicates resolution or partial satisfaction of the recovery demand

Regulatory Changes

No new regulatory changes are introduced. This order is an administrative/enforcement action under SEBI’s existing recovery powers under the SEBI Act and the SEBI (Recovery of Amounts) Regulations.

Compliance Requirements

  • No compliance requirements are imposed on market participants generally
  • The named defaulters (Ram Minerals and Chemicals Ltd. and Suresh Aggarwal Kumar) must adhere to conditions, if any, specified in the Release Order
  • Any financial institution or bank holding attached assets of the defaulters must act upon the release order and unfreeze/release the attached assets accordingly

Important Dates

  • Date of Release Order: February 19, 2026
  • Certificate No.: 5415 of 2022 (original recovery certificate)

Impact Assessment

The impact of this order is confined to the named defaulters and any financial intermediaries holding their attached assets. There is no broader market impact. The release order is a procedural/enforcement action indicating that the outstanding dues under Certificate No. 5415 of 2022 have been addressed (fully or partially) or that conditions warranting release have been met. Investors and market participants are not directly affected.

Impact Justification

This is a routine enforcement closure order affecting only specific named defaulters; no broad market or regulatory impact.