Key Quantitative Figures
- Total fine imposed: ₹9,79,400 (Rupees Nine Lakhs Seventy Nine Thousand Four Hundred Only), inclusive of GST.
Parties Involved
- Authority imposing fine: BSE Limited.
- Listed entity: Balmer Lawrie Investments Ltd. (A Government of India Enterprise).
- Administrative control: Ministry of Petroleum & Natural Gas.
Details of Violations/Contraventions
The fines were imposed for non-compliance with multiple SEBI Listing Regulations during Q4 FY26:
- Regulation 17(1): The Board of Directors comprised less than 6 (Six) Directors.
- Regulation 17(1): The Board did not have Independent Director(s) and a Woman Director.
- Regulation 17(2A): The quorum of Board Meetings held during the quarter was not compliant.
- Regulation 18(1): The composition of the Audit Committee was not compliant.
- Regulation 19(1)/19(2): The composition of the Nomination and Remuneration Committee was not compliant.
Financial Impact
No immediate financial or operational impact is expected. A contingent liability of ₹9,79,400 may be created against the imposition of the fines.
Rationale and Context
The company is a Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. Its Articles of Association (Article 968(1)) state that the President of India is entitled to appoint Directors (including Independent Director(s)/Woman Director/Government Nominee Directors) for as long as it remains a Government Company. The company states that the composition of the Board is dependent on the direction of its Administrative Ministry, and thus, the non-compliances were due to factors beyond its control.
Company Action
The company has made a representation to BSE Limited for a waiver of the fines.