Date: May 25, 2026

Board Meeting Outcomes

The Board of Directors meeting held on May 25, 2026 reviewed the notice of non-compliance received from the National Stock Exchange of India Limited (NSE).

  • The Board noted that the non-compliance with Regulation 17(1A) of SEBI LODR Regulations was inadvertent and unintentional.
  • The Board advised the management to ensure timely compliance in the future.
  • The Board noted that the company has paid the relevant fine as levied by NSE within the prescribed timeline.

Regulation, Compliance & Legal Disclosures

Nature of Non-Compliance: Failure to obtain requisite special resolution from shareholders for continuation of the directorship of a Non-Executive Director upon attaining the age of 75 years, as mandated under Regulation 17(1A) of SEBI LODR Regulations.

Exchange Notice Details:

  • NSE Notice Ref. No.: NSE/LIST-SOP/COMB/FINES/0215
  • Notice Date: February 27, 2026
  • Regulation Violated: Regulation 17(1A) of SEBI LODR Regulations
  • Quarter of Non-compliance: 31-Dec-2025
  • Fine amount per day: ₹2,000
  • Number of days of non-compliance: 71 days
  • Base Fine Amount: ₹142,000
  • GST @18%: ₹25,560
  • Total Fine Payable (Inclusive of GST): ₹167,560

Payment Status: The company has paid the total fine of ₹167,560 within the prescribed timeline.

Consequences of Non-payment: The notice stated that failure to pay within 15 days could result in:

  • Freezing of entire shareholding of the Promoters in the Company as well as in other securities held in their Demat accounts
  • Trading in securities shifting to 'Trade for Trade' basis (Z Category) in case of consecutive defaults

Waiver Process: The notice outlined parameters for filing waiver applications, including:

  • Submission through NEAPS portal path: NEAPS>>Compliance>>Fine Waiver>>Waiver Request
  • Requirement to achieve compliance before applying for waiver
  • Non-refundable processing fees of ₹10,000 plus 18% GST if fine amount exceeds ₹5,000

Bank Details for Payment

Beneficiary: National Stock Exchange of India Limited

Bank: IDBI BANK LTD

Branch: BANDRA KURLA COMPLEX, MUMBAI

RTGS/IFSC CODE: IBKL0001000