Date: September 17, 2026
Board Meeting Outcomes
The Board of Directors of Hardwyn India Limited met on September 17, 2026, from 12:00 p.m. to 12:55 p.m. The primary agenda was to consider and take note of non-compliance notices from the National Stock Exchange of India Ltd (NSE) and BSE Ltd (BSE).
The Board noted specific exchange communications:
- NSE Notice No. NSE/LIST-SOP/COMB/FINES/0954 dated August 25, 2026
- BSE Email dated August 25, 2026 Ref No. SOP-CReview/QTR- June 26
- NSE Reminder No. NSE/SOP/COMB/2026/1020 dated September 10, 2026
- BSE Reminder Email dated September 10, 2026 Ref No. SOP- Reminder-QTR Jun-26
The non-compliance was identified under Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended June 30, 2026.
The key decisions and observations of the Board were:
1. Acknowledged that the non-compliance was inadvertent and unintentional, not a deliberate disregard of regulations.
2. Noted that the non-compliance arose from a mismatch in Board composition following the resignation of Ms. Tanya Sayal, Non-Executive Director, on June 05, 2026.
3. Noted the subsequent appointment of Mr. Yogesh Garg (DIN: 02144584) as an Independent Director for a five-year term effective June 05, 2026.
4. Noted the subsequent appointment of Mr. Eakam Sayal (DIN: 11916539) as an Additional Director effective August 29, 2026, which restored compliant Board composition.
5. Confirmed the company is presently compliant with Regulation 17(1).
6. Took note of a fine of ₹3,25,000/- (Rupees Three Lakhs Twenty-Five Thousand only), plus applicable GST, levied by the exchanges for this non-compliance.
7. Noted that the company had recently paid a similar fine for the quarter ended March 31, 2026.
8. Advised management to strengthen internal monitoring mechanisms to ensure future timely compliance.
9. Directed the Compliance Officer to undertake periodic monitoring of Board composition.
10. Approved a proposal to submit an application to the stock exchanges seeking a waiver of the fine for the June 2026 quarter, citing the inadvertent nature and corrective measures.
11. Expressed regret for the non-compliance and reiterated commitment to robust corporate governance.
KMP / Board Changes
Resignation:
- Ms. Tanya Sayal, Non-Executive Director, resigned effective June 05, 2026.
Appointments:
- Mr. Yogesh Garg (DIN: 02144584) was appointed as an Independent Director for a term of five consecutive years with effect from June 05, 2026.
- Mr. Eakam Sayal (DIN: 11916539) was appointed as an Additional Director with effect from August 29, 2026.
Compliance & Regulatory Actions
The document is a regulatory submission addressing actions related to SEBI LODR non-compliance. The core issue was a temporary breach of board composition rules (Regulation 17(1)) following a director's resignation. The company rectified the situation through new appointments. A financial penalty of ₹3,25,000 plus GST was levied for the Q2 FY2027 non-compliance, and the company intends to seek a waiver. The company also disclosed it recently paid a fine for a prior non-compliance in the Q4 FY2026 (March 31, 2026 quarter).
Financial Results
Not Specified
Dividend Declaration
Not Specified
Auditor’s Report
Not Specified
Disinvestment / Strategic Actions
Not Specified
Other Operational / Legal / Strategic Disclosures
The entire document constitutes a disclosure regarding a legal/compliance matter with the stock exchanges.