Reply for Corporate Announcement under Regulation 30 of SEBI (LODR) Regulation, 2015
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Avax Apparels has responded to a BSE query asking why the disclosure of an Independent Director's resignation was not submitted within 24 hours. The company clarified that it relied on two SEBI circulars (dated November 11, 2024 and December 31, 2024) which permit up to seven days for filing such resignation intimation. After discussing with BSE officials, the company accepted that the 24-hour timeline was the correct requirement and acknowledged the oversight as unintentional. The company has apologized for the lapse and assured steps to prevent recurrence. There is no mention of any penalty, penalty action, or regulatory enforcement.
This is a procedural compliance clarification, not a penalty or enforcement action. For shareholders, it signals a minor governance/corporate disclosure lapse by the company but carries no immediate financial or legal consequence. It may slightly affect market perception around the company's compliance controls, particularly given its small-cap profile.