Board approves joining proposed Section 8 company Leelaben Foundation; notes Reg 29 fine from BSE and NSE

Board approved the proposal to become a member of Leelaben Foundation, a proposed Section 8 company limited by guarantee, with an undertaking of up to INR 1,000/-.

Thu 8 Oct 2026

NSE and BSE fine per exchange

basic fine of Rs. 10,000 plus 18% GST of Rs. 1,800

Total fine payable

Rs. 11,800

Undertaking towards Leelaben Foundation liabilities

up to INR 1,000/-

The Board meeting on October 08, 2026 took up two items: a proposal to join a proposed not-for-profit entity, and the NSE and BSE notices for a delayed Regulation 29 update.

Membership of Leelaben Foundation

• The Board approved the proposal for the Company to become a member of Leelaben Foundation, a proposed company limited by guarantee, to be incorporated as a Section 8 Company under the Companies Act, 2013.
• The entity belongs to the Non-profit Organisation space. Its objects are restricted to the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object, with profits applied solely for promoting its objects and no dividend paid to its members.
• Its stated main objects to be pursued upon incorporation include establishment of rural dental facilities, subsidised and free dental treatment, utilisation of Corporate Social Responsibility channels, receipt of CSR contributions, and awareness and preventive care.
• The Company has undertaken to contribute an amount of up to INR 1,000/- towards the liabilities of the proposed company in the event of its winding up, during the period it remains a member or within one year after it ceases to be a member.
• The Company's shareholding or control in the proposed entity is 10% of amount of guarantee.
• The entity is yet to be incorporated. No specific governmental or regulatory approval is required other than the approvals and registrations required under the applicable provisions of the Companies Act, 2013 and the rules made thereunder.

The exchange notices and the fine

• NSE and BSE issued notices dated September 15, 2026 for delayed compliance with Regulation 29 of the SEBI LODR Regulations for the quarter year ended June 30, 2026.
• As advised by the exchanges, the non-compliance and the details of the fine levied were placed before the Board at its meeting.
• The Board noted that the delay was due to an inadvertent procedural oversight while computing the applicable timeline, considering the intervening weekend on August 8 and August 9, 2026.
• NSE's annexure shows Regulation 29(2)/29(3) for August 31, 2026: fine of Rs. 10,000 per instance, 1 instance, fine amount Rs. 10,000, GST at 18% of Rs. 1,800, total fine payable Rs. 11,800.
• BSE's table lists the same regulation for the month ended August 2026: basic fine Rs. 10,000, GST at 18% of Rs. 1,800, total fine payable Rs. 11,800; the other regulations listed in that table show nil amounts.
• The Board also noted that the Company has paid the relevant fine as levied by the exchanges within the prescribed timeline, and directed the Company Secretary and Compliance Officer to exercise due diligence and ensure timely compliance in the future.

Points a reader can track

• The fine relates to a procedural update timeline under Regulation 29, and the company states the amount has been paid within the prescribed timeline.
• The commitment towards the proposed Section 8 entity is up to INR 1,000/- towards its liabilities in the event of winding up.
• The Section 8 entity is yet to be incorporated.

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