NSE Rejects Waiver; ₹1,72,000 Penalty to Be Paid by October 3, 2026

NSE has rejected the company's waiver application for a fine of ₹1,72,000/- (excluding GST) for the quarter ended September 30, 2024.

Thu 24 Sep 2026

NSE Penalty Amount

₹1,72,000/- (excluding GST)

Penalty Quarter

Quarter ended September 30, 2024

Payment Due Date

October 03, 2026

Penalty Reason

Appointing Non-Executive Independent Director aged over seventy-five without shareholders' special resolution approval

Earlier Penalty (BSE & NSE)

₹8000/- each for June 2024 quarter

What happened

The Company received a letter dated September 23, 2026 from NSE rejecting its waiver application against a fine.

• Penalty amount: ₹1,72,000/- (excluding GST) for the quarter ended September 30, 2024
• Payment due on or before October 03, 2026
• Company has said it will pay within the NSE timeline

Why the fine was levied

BSE and NSE had levied penalties for alleged non-compliance with Regulation 17(1A) relating to the appointment of Mr. Kamal Kishore Seth as an Additional Director (Non-Executive Independent Director), who had attained the age of seventy-five years, without obtaining shareholders' approval by way of a special resolution.

Earlier steps

• Penalties of ₹8000/- (excluding GST) each by BSE and NSE for the quarter ended June 2024 were already paid while waiver applications were pending
• BSE had rejected the waiver application, intimated on March 13, 2026
• NSE has now also rejected the waiver

What it means for investors

This is a procedural compliance matter with a small monetary outgo relative to company operations. It does not involve the company's products or business operations, but it does reflect a governance lapse flagged by both exchanges.

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