Board contests exchange fine on director age rule, to appeal at SAT
Awaiting price reaction for this filing.
Burnpur Cement's Board has contested fines of Rs. 1,55,760 (inclusive of GST) levied by NSE and BSE under SEBI LODR Regulation 17(1A) for the quarter ended June 2025. The fine relates to continuation of Independent Director Poonam Srivastava beyond age 75 without a special shareholder resolution. The Board argues the company is under SARFAESI management by UV Asset Reconstruction, which legally bars shareholders from appointing directors. The company will appeal at Securities Appellate Tribunal (SAT) and withhold payment till a final order.
Legal uncertainty persists until SAT ruling. Further exchange action or promoter shareholding freeze possible if appeal fails. Highlights underlying financial distress.