ANDHRA PAPER LIMITED has informed the Exchange regarding 'Board Comments on fine levied by the Exchange'.
ANDHRAPAP · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Andhra Paper Limited has responded to a fine of ₹1,08,560 (including 18% GST) imposed by BSE and NSE for non-compliance with Regulation 17(1A) of SEBI Listing Regulations during the quarter ended December 2024. The non-compliance relates to the appointment or continuation of a non-executive director who is above 75 years of age, attracting a fine of ₹2,000 per day totaling ₹92,000 in basic fine. The Board, which met on May 8, 2025, has contested the penalty, stating that the company had sought shareholder approval within the prescribed timelines and obtained a legal opinion supporting its view that there was no actual breach. The company formally applied for a waiver of the fine on April 1, 2025, and is now urging the exchanges to withdraw the penalty.
The financial impact is small at ₹1.08 lakh and should not materially affect shareholders. However, if this becomes the second consecutive quarter of non-compliance under related regulations, the company faces the risk of being shifted to the Z group and potential suspension of trading in its equity shares, which would be a negative signal for liquidity.