Key Quantitative Figures
The fine imposed by BSE Limited is ₹86,000, along with an applicable GST amount of ₹15,480, resulting in a total financial outflow of ₹101,480.
Dates of Action
- Fine Imposition Date: The fine was communicated via an email dated August 25, 2026 (Ref. No. SOP-CReview/QTR-Jun-26).
- Board Meeting Date: The Board of Directors noted the fine at its meeting held on November 11, 2026.
- Payment Date: The disclosure states the company has "already paid" the fine, but the exact payment date is not specified.
Parties Involved
- Regulator: BSE Limited
- Individual: Mr. Paresh Nath Sharma, whose appointment as an Independent Director is the subject of the alleged violation.
Purpose and Regulatory Context
The fine was imposed for an alleged violation of the provisions of Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically concerning the appointment of Mr. Paresh Nath Sharma as an Independent Director.
Company's Actions and Stance
The company states that it has paid the fine amount in compliance with the directions of BSE Limited. However, this payment was made "without prejudice to the Company's rights and contentions," meaning it does not constitute an admission of guilt. Concurrently, the company has submitted an application to BSE Limited seeking a waiver of the fine, presenting its stand and submissions against the alleged violation. As of the date of this disclosure (November 11, 2026), the company is awaiting a response from BSE regarding its waiver application.
#Tags: #FlexFoods #SEBI #LODR #Regulation17 #RegulatoryCompliance #Negative