Date: November 13, 2026
Board Meeting Outcomes
The Board of Directors reviewed notices received from National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) levying a fine of ₹10,000/- plus applicable GST each for non-compliance with Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The non-compliance related to failure to provide 2 working days' prior advance notice for the Board Meeting held on September 02, 2026.
Board Deliberations and Observations
The Board noted the following factual circumstances regarding the non-compliance:
- The Board Meeting was convened at shorter notice due to delayed receipt of the Independent Valuation Report, which was received late in the evening on August 31, 2026, in connection with a Preferential Issue
- To ensure compliance with statutory shareholder disclosure timelines and allow members adequate time before the EGM remote e-voting cut-off, the Corrigendum Notice had to be mandatorily dispatched by September 02, 2026
- The requirement to hold the meeting at shorter notice was approved by all Directors under Section 173(3) of the Companies Act, 2013, and was disclosed in both the Advance Intimation (September 01, 2026) and the Outcome of the Board Meeting (September 02, 2026)
- The Board emphasized there was no intent to conceal information or bypass corporate governance standards
Action Taken
The Company has deposited the requisite fine amount as demanded by the Stock Exchanges to close the matter and maintain compliance harmony.
Directive to Management
The Board has advised the management and compliance team to exercise heightened caution and ensure strict adherence to all advance notice timelines under the SEBI LODR Regulations in future corporate actions, wherever feasible.