Key Quantitative Figures

  • Fine amount: ₹11,800 (inclusive of GST) paid to each exchange (NSE and BSE), totaling ₹23,600
  • Basic fine per instance: ₹10,000 as prescribed under Regulation 29(2)/29(3)
  • Final dividend recommended: ₹2 per equity share for FY 2025-26

Dates of Action

  • Prior intimation date: 29th April 2026
  • Board meeting date: 6th May 2026 (where dividend was recommended)
  • Fine notice dates: 15th June 2026 (from both NSE and BSE)
  • Payment date: 26th June 2026
  • Board meeting to discuss fine: 6th August 2026
  • Disclosure date: 6th August 2026

Parties Involved

  • Regulators: National Stock Exchange of India Limited (NSE), BSE Limited (BSE)
  • Individuals: Gayathri Iyer (Company Secretary and Compliance Officer)
  • Exchange Officers: Reena Raphel (Manager, BSE), Krishna Rathi (Deputy Manager, BSE), Chanchal Daga (Deputy Manager, NSE)

Purpose and Rationale

The filing provides the Board's comments on the fine levied for non-compliance with Regulation 29 of SEBI (LODR) Regulations, 2015. The Company explained that at the time of prior intimation, no dividend proposal was planned to avoid creating unwarranted market expectations, given the Company's consistent dividend-paying track record. The dividend recommendation emerged spontaneously during the Board meeting under "Any Other Business" after Non-Executive Directors suggested it.

Financial Impact

  • Direct financial impact: ₹23,600 paid in fines (₹11,800 to each exchange)
  • The Company noted that the processing fee for a waiver application (₹10,000 + 18% GST) was equivalent to the fine amount, making the waiver process economically unviable

Capital Structure Impact

No impact on capital structure disclosed. The dividend recommendation of ₹2 per equity share was previously communicated.

Board Resolution and Future Action

The Board of Directors, at its meeting on 6th August 2026:

  • Noted the fine notices and the Company's representations
  • Confirmed payment was made within prescribed timeline
  • Advised that going forward, the Company will include "Recommendation of Dividend, if any" in all prior intimations under Regulation 29, regardless of management proposal
  • Reaffirmed commitment to highest standards of corporate governance

Payment Details

  • BSE Payment: UTR HDFCH01083064664, dated 26-06-2026, amount ₹11,800
  • NSE Payment: UTR HDFCH01083064665, dated 26-06-2026, amount ₹11,800
  • Virtual Bank Account: BSER12799 (ICICI Bank Ltd.- CMS Branch) for BSE
  • Bank: IDBI BANK LTD (Bandra Kurla Complex, Mumbai) for NSE, IFSC: IBKL0001000