Date: May 28, 2026
Board Meeting Outcomes
The Board of Directors discussed the notice of non-compliance received from both BSE Limited and National Stock Exchange of India Limited regarding fines imposed for violation of Regulation 17(1) of the Listing Regulations. Both exchanges had imposed a fine of ₹4,48,400 each (inclusive of GST) for non-compliance with requirements pertaining to the composition of the Board of Directors, specifically the failure to appoint a woman director.
KMP / Board Changes
Ms. Karishma Kaur Gill (DIN: 11434134) was appointed as an Additional Director acting in the capacity of an Independent Non-executive Woman Director on December 16, 2025. Her appointment was made in accordance with the requirements of the Companies Act, 2013 and Listing Regulations for a period of one year effective from December 16, 2025 to December 15, 2026. Shareholders approved her appointment via Postal Ballot Notice dated February 07, 2026.
Current Board Composition
The Company currently has 6 board members with 3 being Independent Directors (including the woman director), representing half of the board being independent. This meets the regulatory requirements for board composition.
Board Comments on Non-Compliance
The Board noted that the position of an independent director is highly responsible and crucial, requiring proper review and selection of the right candidate, which is a time-consuming process. The non-compliance was stated to be unintentional and occurred due to non-availability of the right candidate. The Company assured that it has always endeavored to comply with applicable regulations and has undertaken necessary steps to strengthen its processes to avoid such inadvertent delays in the future.