Date: 27.05.2026
Regulatory Action & Fines
- Received emails from BSE Limited (dated 27.05.2026) and National Stock Exchange of India Limited (dated 27.05.2026)
- Total fine levied: ₹9,55,800/- each exchange (₹8,10,000/- base fine plus 18% GST each)
- Fines imposed for non-compliance during quarter ended 31.03.2026
Breakdown of Violations and Fines:
| Regulation | Nature of Non-Compliance | Fine Amount (per exchange) |
| Regulation 17(1) | Non-compliance with requirements pertaining to composition of the Board including failure to appoint woman director | ₹5,31,000 |
| Regulation 18(1) | Non-compliance with constitution of audit committee | ₹2,12,400 |
| Regulation 19(1)/19(2) | Non-compliance with constitution of nomination and remuneration committee | ₹2,12,400 |
| TOTAL | | ₹9,55,800 |
Impact Assessment
- The action does not have significant impact on financial, operation or other activities of the Company
- Impact is not quantifiable in monetary terms to the extent possible
Remedial Actions and Current Status
- Prof. (Dr.) K. Jayaprasad (DIN: 09585722) appointed as Non-Official Independent Director effective 15.04.2025
- All statutory Board-level Committees constituted effective 15.04.2025:
- Audit Committee
- Nomination and Remuneration Committee
- Stakeholders Relationship Committee
- Risk Management Committee
- Current committee compositions yet to fully comply with statutory requirements due to absence of requisite number of Independent Directors
- As a Public Sector Undertaking (PSU), coordinating with Competent Authority for appointment of requisite number of Independent Directors
- Company is in process of submitting request letters for waiver of fines to both stock exchanges
Event Timing
- Date and time of occurrence: 27.05.2026
- BSE communication received at: 1703 hours IST
- NSE communication received at: 2032 hours IST
Compliance Officer
- Shri Mohammad Firoz, Company Secretary and Compliance Officer
- Digital signature timestamp: 2026.05.27 21:11:12 +05'30'