Date: June 03, 2026

Board Meeting Outcomes

The Board of Directors at its meeting held on May 30, 2026, discussed the notice ref no. NSE/LIST-SOP/COMB/FINES/0215 and BSE email, both dated February 27, 2026, regarding non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 17(1) pertaining to Board composition.

The Board recorded the following comments:

  • The non-compliance was not wilful and occurred due to delays in finalizing the appointment of a suitable Independent Director, primarily due to issues identified during the due diligence process of prospective candidates.
  • The Company had initiated timely steps to fill the casual vacancy and kept the Stock Exchanges informed within prescribed timelines.
  • At the Board Meeting on November 14, 2025, the appointment of an Independent Director was deliberated but deferred to the next meeting due to concerns arising during due diligence.
  • At the Board Meeting on February 14, 2026, the Board approved the appointment of Mrs. Bhoomika Aditya Gupta (DIN: 02630074) as an Independent Director effective February 14, 2026, after completing all due diligence and formalities, thus achieving compliance with Regulation 17(1).
  • The Company submitted a waiver application to both NSE and BSE and has paid the applicable fine levied by the Stock Exchanges.
  • The Company remains committed to maintaining high corporate governance standards and has advised management to ensure strict and timely regulatory compliance.

The Board opined that the delay was procedural and occurred despite bona fide efforts.

Financial Impact

The fine details as per the notices are:

  • Regulation: SEBI LODR Regulation 17(1) for the quarter ended December 31, 2025.
  • Fine Amount: ₹5,000 per day of non-compliance.
  • Number of Instances: 8 days of non-compliance.
  • Basic Fine: ₹40,000.
  • GST @18%: ₹7,200.
  • Total Fine Payable (Inclusive of GST): ₹47,200.

The notice stated that if the company was still non-compliant on the date of the letter (February 27, 2026), the fine would continue to increase daily until compliance was achieved.

The Company confirmed it has paid the fine.

KMP / Board Changes

  • Mrs. Bhoomika Aditya Gupta was appointed as an Independent Director effective February 14, 2026 (DIN: 02630074).

Other Operational / Legal / Strategic Disclosures

The Company Secretary is Anisha Kumari (Membership Number: A67823).

The NSE notice was signed by Rachna Jha, Manager. The BSE communication listed contacts as Ms. Shraddha Bagwe and Mr. Sagar Darra.

Bank details for fine payment were provided: NSE's account with IDBI Bank (RTGS/IFSC: IBKL0001000) and BSE's virtual account with ICICI Bank (Account No.: BSER13104, IFSC: ICIC0000104).