Corrective Action Taken
The vacancy caused by the demise of Independent Director Mr. AP Radhakrishnan was filled through the appointment of Mr. Navneet Ganapathi (DIN: 03179054) as Non-Executive Independent Director effective May 14th, 2026. Mr. Ganapathi was subsequently inducted as a member of the Audit Committee effective June 03rd, 2026, leading to the reconstitution of the Audit Committee.
Following this reconstitution, two-thirds of the Audit Committee members are now Independent Directors, ensuring compliance with Regulation 18(1).
Regulatory Action and Penalty
BSE Limited imposed a fine of ₹40,120 (inclusive of GST) on the company for non-compliance/late compliance regarding the composition of the Audit Committee as per Regulation 18(1). The company received notification of this fine via email on August 25th, 2026.
The financial impact was limited to the payment of the imposed fine/penalty. The company paid the fine on September 07th, 2026.
Board Discussion and Resolution
The non-compliance and fine were placed before the Board of Directors in their meeting held on November 06th, 2026. The Board discussed and noted the matter, acknowledging that the delay in compliance was inadvertent and unintentional.
Forward-Looking Compliance Measures
The Board emphasized that all prescribed timelines and regulatory compliances will be strictly adhered to going forward. The company has strengthened its internal compliance tracking to prevent such occurrences in the future.