ISIN No.: INE557B01019

Date: 12th November, 2026

Board Meeting Outcomes

The Board of Directors met on 12th November, 2026 to discuss communications received from the National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Ltd. (BSE).

  • The Board noted the receipt of communications dated 14th October, 2026 regarding the levy of a fine for non-compliance.
  • The non-compliance pertained to a delay of three days in filing an application seeking the stock exchanges' no-objection for the reclassification of two promoter shareholders from the "Promoter and Promoter Group" category to the "Public" category under Regulation 31A of the SEBI LODR Regulations.
  • The Board authorized the CFO & Company Secretary to communicate the Board's comments to the stock exchanges and make necessary disclosures.

Board Comments

The Board provided the following comments on the matter:

  • Noted that the delay in submission of the application was procedural and occurred due to circumstances beyond the reasonable control of the Company.
  • Cited the specific reasons as the delayed receipt of mandatory documents from the concerned promoter shareholders and intervening public holidays.
  • Noted that the Company had taken necessary steps to complete and submit the application immediately upon receipt of the pending documents.
  • Noted that the Company had submitted a request to the Stock Exchange(s) seeking a waiver of the delay and the consequential fine.
  • Was satisfied that there was no mala fide intention, deliberate default, or non-cooperation on the part of the Company.

Fine Details from NSE Communication

The annexure from the NSE communication detailed the following fine:

  • Regulation: 31A(3)(a)
  • Month of Non-Compliance: August 2026
  • Fine Amount per Day/Instance: ₹5,000
  • Number of Days/Instances: 3
  • Basic Fine Amount: ₹15,000
  • GST @18%: ₹2,700
  • Total Fine Payable (Inclusive of GST): ₹17,700

Fine Details from BSE Communication

The BSE communication for the month ended September 2026 showed:

  • Regulation 29(2)/29(3): Delay in furnishing prior intimation about the meeting of the board of directors - Fine: ₹0
  • Regulation 44(3): Non-submission of the voting results - Fine: ₹0
  • Regulation 31A(3)(a)(ii)(vii): Non-compliance with the requirements for reclassification of promoter / promoter group entity - Fine: ₹17,700 (₹15,000 basic fine + ₹2,700 GST)
  • Total SOP Fine: ₹17,700

Waiver Process Information

The NSE communication outlined the procedure for applying for a waiver of the fine:

  • A non-refundable processing fee of ₹10,000 plus 18% GST is required if the fine amount is more than ₹5,000 exclusive of GST.
  • Waiver applications must be submitted via the NEAPS portal path: NEAPS>>Compliance>>Fine Waiver>>Waiver Request.
  • Compliance is a pre-requisite for applying for a waiver.

Potential Consequences

The NSE notice stated that failure to pay the fines within 15 days could lead to the Exchange initiating the freezing of the entire shareholding of the Promoters in the Company as well as in other securities held in the Demat accounts of the Promoters.