Key Quantitative Figures
- Fine imposed by BSE: ₹59,000 (inclusive of GST)
- Fine imposed by NSE: ₹59,000 (inclusive of GST)
- Total fine amount: ₹118,000
- Breakdown of fine: ₹50,000 base fine plus 18% GST (₹9,000) per exchange
Dates of Action
- Date of notice receipt: May 27, 2026 (via email)
- Date of disclosure filing: May 28, 2026
- Quarter of non-compliance: Quarter ended March 31, 2026
- Date of corrective action: Postal Ballot concluded on May 12, 2026
Parties Involved
- Regulatory authorities: BSE Limited, National Stock Exchange of India Limited
- Individual involved: Mr. Sunil Behari Mathur, Non-Executive Director
- Company representative: Ashish Jha, Company Secretary & Compliance Officer (FCS: 11326)
Details of Violation
Technical non-compliance with Regulation 17(1A) of SEBI (LODR) Regulations, 2015 for the quarter ended March 31, 2026. The specific violation was delay in obtaining prior shareholder approval for the appointment/continuation of Mr. Sunil Behari Mathur as Non-Executive Director after he attained the age of seventy-five years.
Company Clarification and Rationale
The company states that the delay was an "unintended omission because of the time constraint in implementing the Scheme of Arrangement and complying with requirements of the listing." The company has already regularized the appointment via Postal Ballot concluded on May 12, 2026.
Financial Impact Assessment
The company explicitly states: "There is no material impact on the financial, operational or other activities of the Company, except to the extent of the fine imposed (i.e., ₹59,000 each by BSE and NSE)."
Corrective Actions Taken
The company has already taken corrective actions by regularizing the appointment via Postal Ballot concluded on May 12, 2026.