Akshar Spintex Limited has informed the Exchange about rejection of Waiver Applications and Payment of Penalty with NSE in respect of the non-compliance under Regulation 17(1)(c) and under Regulation 6 of the SEBI LODR Regulations.
AKSHAR · price
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Akshar Spintex Limited received notices from NSE for two regulatory non-compliances: (1) failure to maintain the required minimum number of directors on the Board for 84 days (Nov 25, 2025 to Feb 18, 2026), and (2) failure to appoint a qualified Company Secretary as Compliance Officer for 17 days (Sep 30 to Oct 18, 2025). The company submitted explanations citing shareholder rejection of board appointments and difficulty in finding suitable compliance officer candidates. Despite these justifications, NSE rejected the company's waiver applications for the penalties. The total penalty amounted to Rs. 5,15,660 (including 18% GST), comprising Rs. 20,060 for the Regulation 6 violation and Rs. 4,95,600 for the Regulation 17(1) violation. The company paid Rs. 4,71,960 (after TDS of Rs. 43,700) on May 13, 2026, before the deadline of May 15, 2026.
This is a governance compliance failure indicating weaknesses in the company's board composition management and regulatory oversight. While the penalty amount of approximately Rs. 5 lakh is not material to the company's financials, the non-compliance reflects ongoing governance issues. Shareholders should monitor whether the company has now achieved full compliance by appointing the required directors and compliance officer.