Key Details
The company was required to submit intimation of material events within the prescribed 24-hour timeline under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The delay occurred specifically regarding the disclosure of new retail store openings.
Reason for Delay
Due to an unforeseen technical issue in the company's billing software/system, invoices could not be generated at the newly opened retail stores. As the generation of the first invoice was considered the operational commencement of the respective stores, the company was unable to accurately determine the actual date of opening of the new retail outlets.
Company Statement
The delay was purely inadvertent and occurred solely because of the technical issue. There was no intention to withhold any material information from the stock exchange or investors. The company remains committed to ensuring timely and continuous compliance with all applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Remedial Actions
The company has taken appropriate measures to strengthen its internal processes and minimize the possibility of such incidents occurring in the future.