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Banganga Paper Industries has submitted an explanation to BSE for delaying the disclosure of a SEBI administrative warning. SEBI had warned the company on June 20, 2025 for failing to include a practicing chartered accountant's certificate in the explanatory statement attached to the shareholder notice for its name change (from Inertia Steel Limited to Banganga Paper Industries Limited), as required under Regulation 45(1) of the SEBI LODR Regulations, 2015. The company was required to disclose this warning to the stock exchange within 24 hours but did so only after 32 hours. The company blamed the delay on key managerial personnel being out of station and the need for legal consultation and internal vetting. It clarified there was no intent to suppress information and pledged to tighten internal disclosure processes.
This is a mild regulatory caution with no financial penalty, but it highlights compliance weaknesses. Repeated violations could attract harsher SEBI action, which may concern shareholders; however, the actual underlying issue is procedural and tied to a past name-change approval, not business performance.