Date: September 21, 2026
Board Meeting Outcomes
The Board of Directors meeting held on Thursday, September 3, 2026 discussed the notices received from BSE Limited and National Stock Exchange of India Limited dated August 25, 2026 regarding non-compliance/delayed compliance with SEBI (LODR) Regulations, 2015 for the quarter ended June 30, 2026.
Key decisions:
- Ratified management's decision to pay fine of ₹3,02,080 to each Stock Exchange (BSE and NSE)
- Advised management to ensure strict and timely compliance with all SEBI (LODR) Regulations moving forward
- Took the exchange notices on record along with reasons for non-compliance/delayed compliance
KMP / Board Changes
- Mr. Nitin Atroley was appointed as an Independent Director with effect from July 15, 2026
- This appointment addressed the compliance requirement under Regulation 17(1) of SEBI (LODR) Regulations, 2015
Other Operational / Legal / Strategic Disclosures
Regulatory Compliance Status:
- Non-compliance with Regulation 17(1) of SEBI (LODR) Regulations occurred for a short period due to delay in identifying a suitable candidate for Independent Director position
- Requirement under Regulation 17(1A) was complied with on May 29, 2026
- As of the date of exchange letters, the company was fully compliant with Regulations 17(1) and 17(1A)
- The fine arose pursuant to the Stock Exchanges' quarter-end SOP review for the quarter ended June 30, 2026
Reason for Non-compliance:
- The process of identifying a suitable candidate for the position of Independent Director took some time
Financial Impact:
- Total fine payment: ₹6,04,160 (₹3,02,080 to each exchange)