Burnpur Cement Limited has informed the Exchange about Action(s) initiated or orders passed
Awaiting price reaction for this filing.
Burnpur Cement Limited received a notice from NSE imposing a fine of Rs. 1,55,760 (including GST) for non-compliance with SEBI LODR Regulation 17(1A) for the quarter ended June 2025. The non-compliance relates to the continuation of Mrs. Poonam Srivastava as a Non-Executive Independent Director beyond the age of 75 years without obtaining shareholder approval. The company argues that since it is currently under the management of UV Asset Reconstruction Company (UVARCL) under the SARFAESI Act, the SARFAESI Act's non-obstante clause overrides the LODR requirement. UVARCL has obtained a legal opinion from Shardul Amarchand Mangaldas supporting this position. The company is reviewing the notice and assessing further legal steps.
The fine is small in absolute terms, but it highlights ongoing governance and compliance challenges. The company has zero operations and nil revenue in FY 2024-25, so this fine further strains its already weak financial position, though it is unlikely to be material to the stock price.