Date: 28 September 2026

Board Meeting Outcomes

  • The Board of the Company reviewed the NSE notice for non-compliance with SEBI Listing Regulations at its meeting held on 04 September 2026.
  • The Board directed the Company to continue follow-up with the administrative ministry (Ministry of Defence) for appointment of sufficient number of Independent Directors.
  • The Board observed that being a Government company, the power to appoint directors including Independent Directors on the Board of the Company vests with President of India.

Regulation, Compliance & Legal Disclosures

SEBI Non-Compliance Notice Details

  • The National Stock Exchange of India Limited issued a notice dated 25 August 2026 (Ref: NSE/LIST-SOP/COMB/FINES/0954) for non-compliance with SEBI Listing Regulations.
  • The notice references SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 (\"Master Circular\") issued on July 11, 2023 and last updated on January 30, 2026.
  • The company was required to pay fines within 15 days from the date of the notice.

Specific Non-Compliances and Fine Details

| Regulation | Quarter | Fine amount per day/instance (₹) | No. of days/instances | Fine amount (₹) |

| REGULATION 17(1) | 30-Jun-2026 | 5,000 | 91 | 4,55,000 |

| REGULATION 18(1) | 30-Jun-2026 | 2,000 | 71 | 1,42,000 |

| REGULATION 19(1)/19(2) | 30-Jun-2026 | 2,000 | 71 | 1,42,000 |

| | | | Total Fine | 7,39,000 |

| | | | GST @18% | 1,33,020 |

| | | | Total Fine Payable (Inclusive of GST) | 8,72,020* |

*Note: If the Company remained non-compliant as on the date of the letter, the fine amount would continue increasing every day until compliance is achieved.

Payment Instructions

  • Payment to be made via RTGS/NEFT/Net Banking favoring 'National Stock Exchange of India Limited'
  • Bank: IDBI BANK LTD
  • Branch: BANDRA KURLA COMPLEX, MUMBAI
  • RTGS/IFSC CODE: IBKL0001000
  • The fine paid will be credited to IPFT as envisaged in the circular.

Waiver Application Process

  • Companies can file waiver applications through NEAPS portal path: NEAPS>>Compliance>>Fine Waiver>>Waiver Request
  • Compliance is a pre-requisite for applying for waiver
  • Non-refundable processing fees of ₹10,000 plus 18% GST applicable if fine amount exceeds ₹5,000 (exclusive of GST)
  • Companies must submit detailed reasons for waiver and indicate if they seek personal hearing

Company Follow-up Actions

  • The Company has written to the Ministry of Defence (last communication vide letter dated 21 August 2026) for appointment of sufficient number of Independent Directors.
  • The Company is continuing follow-up with the Administrative Ministry as directed by the Board.