Key Event Details
The company received communications dated September 16, 2026 regarding imposition of fines under Regulation 31A(3)(a) of the SEBI (LODR) Regulations, 2015 for non-compliance for the month of August 31, 2026.
Board Discussion and Rationale
The Board of Directors discussed the matter in detail during their meeting held on November 11, 2026. The Board expressed the view that based on their understanding of Regulation 31A and the Exchange's checklist requiring a Board Resolution approving the reclassification application, the company believed an application was required to be submitted only upon approval by the Board. Accordingly, no application was filed as the requests had not been approved.
The Board stated that the delay was neither deliberate nor wilful, and there was no intention to withhold any information regarding the reclassification requests. The company subsequently submitted the reclassification application after receiving clarification and guidance from SEBI.
Company Actions Taken
Considering the company's bona fide conduct and absence of any wilful default, the company has filed an application seeking waiver of the applicable penalty.
The National Stock Exchange granted the company an opportunity of personal hearing, which was held on October 28, 2026. The company was represented by Mr. Ritesh Aggarwal (Director) and Ms. Punam Sharma (Company Secretary and Compliance Officer).
Current Status
The decision on the waiver application is presently awaited from the stock exchanges.
Financial Impact
Financial impact not quantified in the disclosure. The disclosure does not specify the amount of fines levied by the exchanges.