Reason for Delay
The company stated that the delay occurred due to the time involved in identification and selection of a suitable candidate for the position of Woman Director.
Current Status
- The Company has subsequently appointed the Woman Director
- Compliance with Regulation 17(1) of SEBI LODR Regulations, 2015 has been ensured
- The Board shall take necessary steps to ensure timely compliance with applicable regulatory requirements going forward
Financial Implications
- The Company has submitted an application to the Stock Exchange seeking waiver of the fine imposed for non-compliance
- The fine waiver application is currently under process with the Stock Exchange
- The disclosure does not quantify the amount of fine imposed or potential financial impact
Corporate Governance Impact
The disclosure highlights a temporary non-compliance with corporate governance norms regarding board composition, which has now been rectified through the appointment of a Woman Director.