Gland Pharma Limited has submitted a regulatory disclosure to BSE Limited and National Stock Exchange of India Limited regarding fines levied by the exchanges.
The disclosure references letters received from both NSE and BSE dated August 25, 2026, concerning alleged non-compliance with Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The specific non-compliance relates to the appointment of Mr. William Keller as an Independent Director on June 15, 2026, without prior shareholder approval through special resolution for a director aged over 75 years.
The technical breach period spanned 34 days from the date of the Board Meeting until the final date of the postal ballot, which includes the mandatory 30-day postal ballot/e-voting period. Shareholders ultimately approved the appointment through special resolution via postal ballot on July 18, 2026.
The matter was placed before the Company's Board of Directors at its meeting held on September 13, 2026. The Board noted the fines payable to each stock exchange amounting to ₹70,000 per exchange, excluding applicable GST.
The Board advised management to ensure strict adherence to SEBI LODR Regulations and strengthen internal processes and compliance mechanisms to prevent recurrence. The Company stated it has always endeavored to comply with applicable laws and has undertaken measures to strengthen internal processes to avoid inadvertent operational or procedural delays.
Regarding payment status: As of June 30, 2026 quarter, the Company had received notices for only part of the fine amount. Notices for the balance amount for the September 30, 2026 quarter are expected in November 2026. However, the Company has suo motu paid the entire fine amount in advance to ensure timely closure and demonstrate commitment to regulatory compliance.
The disclosure was signed by Sampath Kumar Pallerlamudi, Company Secretary & Compliance Officer, on September 13, 2026 at 15:22:54 IST.