Key Event & Quantitative Figures

  • The Bombay Stock Exchange (BSE) levied a fine on the company via an email dated 20th August 2026.
  • The fine was for a delayed submission of the statement on shareholder complaints for the quarter ended June 30, 2026, as required under Regulation 13(3) of the SEBI Listing Regulations.
  • The total fine amount was ₹1,000 plus 18% GST, amounting to ₹1,180.
  • The company has already paid the full fine of ₹1,180.

Dates of Action

  • 20th August 2026: BSE email notifying the company of the fine.
  • 12th September 2026: Board of Directors meeting where the matter was reviewed.
  • 15th September 2026: Date of this official disclosure letter to BSE.

Parties Involved

  • Regulator: Bombay Stock Exchange (BSE), Securities and Exchange Board of India (SEBI)
  • Company Officials: VISHAL MULCHANDBHAI GALA (Director, DIN: 00692090)
  • BSE Officials: Reena Raphel (Manager - Listing Compliance), Aarti Jadhav (Deputy Manager - Listing Compliance)

Stated Rationale from Board

The Board noted that the delay was "entirely unintentional" and occurred due to a "delay in receipt of the relevant data." The Board clarified the issue arose from "purely administrative and procedural reasons, and not on account of any wilful default or lapse." The formal submission was delayed by a "marginal period" of one day.

Potential Consequences (as per BSE warning)

The BSE's original fine notice outlined potential consequences for non-payment or further non-compliance:

  • Failure to pay the fine within 15 days (from August 20, 2026) could lead to "freezing of the entire shareholding of the promoter in this entity as well as all other securities held in the demat account of the promoter."
  • For other regulations (like Regulation 76), a second consecutive quarter of non-compliance would result in the company being transferred to the Z group and being liable for suspension of trading.

Board Commitment

The Board reaffirmed its "ongoing commitment to maintaining the highest standards of corporate governance and compliance."

BSE Payment Instructions

The fine was to be remitted to a dedicated virtual bank account:

  • Bank: ICICI Bank Ltd. - CMS Branch
  • Account Name: BSE Limited
  • Virtual Account No.: BSER10946
  • IFSC Code: ICIC0000104