Date: September 30, 2026

Board Meeting Outcomes

The Board of Directors of BF Utilities Limited met on September 30, 2026. The following matters related to fines imposed by BSE and NSE were discussed and noted:

  • Non-Compliance with Regulation 33 (Financial Results): Fines imposed by BSE (letter dated September 11, 2026) and NSE (letters dated September 11, 2026 and September 28, 2026) for non-submission of Consolidated Unaudited Financial Results for the quarter ended June 30, 2026 (Q1 FY2027) were placed before the Board.
  • The Board noted that the non-submission occurred because the company's subsidiaries, Nandi Infrastructure Corridor Enterprise Ltd. (NICE) and Nandi Economic Corridor Enterprises Ltd. (NECE), had not submitted their Unaudited Financial Results for the quarter.
  • The Board emphasized that the company will publish its Consolidated Results once they are made available by these subsidiary companies.
  • The Board directed that prescribed timelines and compliances should be strictly adhered to going forward.
  • The Board also noted that the company had submitted its Standalone financial results for the quarter ended June 30, 2026, on August 14, 2026.
  • Non-Compliance with Regulation 17(1) (Board Composition): A fine imposed by BSE and NSE (letter dated August 25, 2026) for the quarter ended June 30, 2026, related to the composition of the board, including a delay in appointing an Independent Director, was placed before the Board.
  • The Board noted that the company has appointed a Non-Executive – Independent Director, not liable to retire by rotation, for a period of 5 consecutive years with effect from September 07, 2026, to September 06, 2031.

Details of Fines Levied

The announcement encloses letters from the National Stock Exchange of India Ltd. (NSE) detailing the fines:

1. NSE Letter dated August 25, 2026 (Ref: NSE/LIST-SOP/COMB/FINES/0954)

  • Regulation: 17(1) (Board Composition)
  • Quarter: June 30, 2026
  • Fine per day/instance: ₹5,000 per day
  • Days of non-compliance: 31 days
  • Fine Amount: ₹155,000
  • GST @18%: ₹27,900
  • Total Fine Payable: ₹182,900
  • The notice states that if the company is still non-compliant, the fine amount will keep increasing every day until compliance is achieved.

2. NSE Letter dated September 11, 2026 (Ref: NSE/LIST-SOP/FINES/1028)

  • Regulation: 33 (Financial Results)
  • Quarter: June 30, 2026
  • Fine per day: ₹5,000 per day
  • Days of non-compliance: 26 days
  • Fine Amount: ₹130,000
  • GST @18%: ₹23,400
  • Total Fine Payable: ₹153,400

3. NSE Letter dated September 28, 2026 (Ref: NSE/LIST/C/2026/1088)

  • This is a reminder letter sent to the promoter, Babasaheb Neelkanth Kalyani, threatening freezing of promoter holdings for continued non-compliance with Regulation 33.
  • Regulation: 33 (Financial Results)
  • Quarter: June 30, 2026
  • Fine per day: ₹5,000 per day
  • Days of non-compliance: 43 days (as of this letter)
  • Fine Amount: ₹215,000
  • GST @18%: ₹38,700
  • Total Fine Payable: ₹253,700

Total Fines Mentioned: The combined fines from the first two notices amount to ₹182,900 + ₹153,400 = ₹336,300. The third notice shows an escalated fine for the same Regulation 33 default, indicating the total potential liability was increasing due to ongoing non-compliance.

KMP / Board Changes

The Board noted the appointment of a Non-Executive Independent Director with effect from September 07, 2026, for a term of five years ending September 06, 2031. The director is not liable to retire by rotation. The name of the appointed director is not disclosed in the provided data.

Other Operational / Legal / Strategic Disclosures

The document is a regulatory disclosure mandated by SEBI Circular, requiring the board's comments on fines levied by the exchange to be communicated to the exchange and disseminated to the public.