Summary:

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## **1. Overview**
This document is a **Record of Proceedings (ROP)** from a hearing before the **Central Electricity Regulatory Commission (CERC)**. The hearing pertains to **Petition No. 11/TD/2026**, filed by **Adarsh Stainless Private Limited (ASPL)** seeking **upgradation of its inter-state electricity trading licence** from **Category IV to Category III**.

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## **2. Key Details**
– **Petition Filed Under**:
– **Section 14** of the Electricity Act, 2003
– **Section 15(1)** of the Electricity Act, 2003
– **Regulation 15(1)** of the CERC (Procedure, Terms and Conditions for grant of trading licence and other related matters) Regulations, 2020
– **Regulation 9(4)** of the same Regulations
– **Petitioner**: Adarsh Stainless Private Limited (ASPL)
– **Date of Hearing**: 2.1.2026
– **Bench (Coram)**:
– Shri Jishnu Barua, Chairperson
– Shri Ramesh Babu V., Member
– Shri Harish Dudani, Member
– Shri Ravinder Singh Dhillon, Member

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## **3. Commission’s Directions**
The Commission directed ASPL to **submit the following documents on affidavit within one week**:
1. **Auditor’s Report** and **Notes to Accounts** as prescribed under the **Companies Act, 2013**.
2. These must pertain to the **special balance sheet as on 15.11.2025**.
3. The submission must include **details of loans and advances to, and investments made in, associate entities** (if any).

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## **4. Order Reserved**
– Subject to the above compliance, the **Commission reserved its order** in the matter.
– The order will likely be issued after reviewing the submitted documents.

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## **5. Implications**
– **Licence Upgradation**: Upgradation from Category IV to Category III allows for **higher trading volumes** and expanded market participation.
– **Compliance Requirement**: ASPL must provide detailed financial disclosures, ensuring **transparency and regulatory compliance**.
– **Regulatory Scrutiny**: The Commission is conducting **due diligence** before approving the upgradation.

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