Quantitative Figures

  • Base fine amount: ₹35,000
  • GST @18%: ₹6,300
  • Total fine payable (inclusive of GST): ₹41,300
  • Fine calculation: ₹5,000 per day for 7 days of non-compliance (June 30, 2026 quarter)
  • Non-refundable waiver processing fee (if applicable): ₹10,000 plus 18% GST

Dates of Action

  • Fine notice date: August 25, 2026
  • Board meeting date: November 13, 2026
  • Fine payment: Paid within stipulated timeline (exact date not specified)

Parties Involved

  • Regulators: National Stock Exchange of India Limited (NSE), BSE Limited
  • Company representatives: Sonal Gupta, Company Secretary & Compliance Officer
  • Exchange officers mentioned: Ms. Komal Singh, Ms. Madhu Kadam, Ms. Chanchal Daga (Waiver request), Ms. Neha Salvi (Waiver request), Sonam Yadav (Manager)

Board Deliberations and Rationale

The Board of Directors in its November 13, 2026 meeting:

  • Acknowledged the non-compliance
  • Observed the delay was attributable to time taken to identify, evaluate and finalize a suitable candidate for appointment as Independent Director
  • Noted the candidate selection process required ensuring fulfillment of qualifications, expertise and independence criteria under Companies Act, 2013 and SEBI LODR Regulations
  • Characterized the delay as unintentional
  • Confirmed fines with applicable GST had been duly paid within stipulated timeline

Compliance Actions and Future Measures

  • Board emphasized importance of timely compliance with regulatory requirements
  • Advised management to strengthen internal monitoring and compliance mechanisms
  • Specifically instructed to ensure timely identification and fulfillment of Board composition requirements
  • Aim to avoid recurrence of similar instances

Financial Impact

Financial impact quantified: ₹41,300 (total fine including GST) has been paid by the company.

Additional Regulatory Requirements

As per Master Circular, the company is required to:

  • Inform Promoters about identified non-compliance
  • Ensure compliance with respective regulations
  • Place the non-compliance and exchange action before the Board
  • Submit Board comments to Exchange via NEAPS portal path: NEAPS > COMPLIANCE > Announcements > Announcements/CA (Subject: Updates)

Potential Consequences for Non-Payment

Failure to pay fines within 15 days may result in:

  • Freezing of entire shareholding of Promoters in the Company and other securities in their Demat accounts
  • Trading in securities shifting to 'Trade for Trade' basis
  • Potential shifting to Z Category for consecutive defaults with Regulations 17(1), 18(1) and 27(2)