Date: May 28, 2026
KMP / Board Changes
- Mrs. Mugdha Vartak appointed as Non-Executive Independent Woman Director
- Not liable to retire by rotation
- Term: 3 consecutive years from March 17, 2026 to March 16, 2029
Regulatory Compliance Disclosure
Nature of Action:
- National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) levied fine of ₹4,42,500/- each (inclusive of GST)
- Total fine amount: ₹8,85,000/-
- Reason: Non-compliance of Regulation 17(1) of SEBI Listing Regulations pertaining to board composition, specifically failure to appoint Independent Woman Director for quarter ended March 31, 2026
Timeline:
- Date of receipt of communication from exchanges: May 27, 2026
- Due date for payment: June 11, 2026 (15 days from receipt)
- Company states there was no delay or default in payment of fine
Company Response:
- Company clarifies it was in process of identifying suitable candidate at time of non-compliance
- Has since appointed Mrs. Mugdha Vartak as required Independent Woman Director
- Company shall pay the fine within the due date
Impact Assessment:
- Company states there is no material impact on financials, operations or other activities of the Company
- Details of payment including date of payment and amount paid shall be disclosed upon payment of the fines
Regulatory References:
- SEBI Listing Regulations Regulation 30
- SEBI Listing Regulations Regulation 17(1)
- Circular no HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026