Pursuant to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, the Board of Directors of Gala Global Products Limited reviewed communications from the Bombay Stock Exchange (BSE) regarding fines for non-compliance.
Nature of the Event
This is a regulatory disclosure to the BSE regarding fines levied for non-submission of the shareholding pattern for the quarter ended June 30, 2026, as required under Regulation 31 of the SEBI Listing Regulations.
Key Quantitative Figures and Timeline
- August 14, 2026: BSE issued an initial fine of ₹56,640 (inclusive of 18% GST) for non-submission of the shareholding pattern.
- August 31, 2026: BSE issued a revised/enhanced fine of ₹96,760 (inclusive of 18% GST) due to the continuation of the non-compliance.
- The basic fine component was ₹48,000, with GST of ₹8,640, totaling the initial ₹56,640. The enhancement to ₹96,760 indicates a continued daily fine accumulation as per the prescribed rate of ₹2,000 per day until compliance.
Parties Involved
- Regulator: Bombay Stock Exchange (BSE)
- Company Representatives: Vishal Mulchandbhai Gala, Director (DIN: 00692090)
- BSE Officials: Reena Raphel (Manager, Listing Compliance), Hasti Vora (Deputy Manager, Listing Compliance)
Stated Rationale and Board Review
The Board reviewed the matter at its meeting held on September 12, 2026. The delay in submission was attributed to a delay in receiving the requisite data from the Registrar and Share Transfer Agent (RTA), which was contingent upon the completion of administrative formalities, including the remittance of applicable fees to the RTA and the Exchange.
Current Status and Financial Impact
The Board noted that the required formalities have been completed and the company is now fully compliant with the submission requirement. The fine of ₹96,760 is under process of payment, and the company shall ensure its remittance at the earliest. The financial impact is quantified at ₹96,760.
Contingent Exposure and Regulatory Actions
A separate email from BSE dated August 31, 2026, served as a reminder and stated that due to non-payment, the Exchange would proceed to instruct depositories to freeze the demat accounts of all entities listed as promoters in the company's shareholding pattern within 10 days of the communication. The freeze would only be lifted after the company complies and pays all outstanding fines.