Details of Regulatory Action
- Authority: National Stock Exchange of India Limited (NSE)
- Action Type: Issue of Advisory Letter
- Reference Number: NSE/LIST/54478/54591
- Date of Receipt: June 11, 2026
Nature of Violation
The company allotted 45,84,872 warrants on September 20, 2025, pursuant to a preferential issue. According to the 3rd Proviso of Regulation 167(1) of SEBI (ICDR) Regulations, 2018, these warrants (which are not listed on stock exchanges) should have been locked in for one year from the date of allotment. However, the warrants were only placed under lock-in from December 6, 2025, resulting in a delay of more than 2 months from the September 20, 2025 allotment date.
Reason for Delay
The delay was caused by operational issues faced by the company while obtaining ISIN and corporate action letters from the depositories. The disclosure notes that during this delay period, there were no purchases or sales of these warrants by the warrant holders.
Financial and Operational Impact
The company explicitly states that no fines or penalties were imposed as a result of this advisory letter. Consequently, there is no quantifiable financial or operational impact on the company.
Regulatory Requirements and Response
The NSE advisory letter, referenced as NSE/LIST/54478/54591 and dated June 11, 2026, requires the company to:
- Exercise due diligence when submitting future applications to the stock exchange
- Place this advisory letter before the company's Board of Directors at the upcoming board meeting
- Avoid repetition of such violations, which would lead to appropriate action
Additional Context
The disclosure references SEBI circular SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, regarding disclosure requirements. The company has enclosed a copy of the NSE letter with this filing.