Reply with respect to reason for delay in submission of information regarding resignation of Independent Director to Exchange within 24 hours from the effective date resignation
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Awaiting price reaction for this filing.
Frontier Capital Ltd informed BSE that Independent Director Mr. Ashok Katra (DIN: 07799527) resigned from the Board effective 2nd April 2025, citing pre-occupation with other services. The company delayed informing the stock exchange by 13 days, filing the intimation only on 15th April 2025 instead of within the required 24 hours. In a separate letter dated 24th April 2025, the company attributed the delay to the unavailability of the Company Secretary and Compliance Officer due to a medical emergency. BSE had specifically queried the company for an explanation regarding this delayed compliance. The resigning director held no other directorships or committee memberships.
The delayed disclosure of a board-level resignation is a compliance lapse under SEBI listing rules and may raise governance concerns among investors, though the company has cited a genuine operational reason. Shareholders should note the loss of an independent director from the board, though no material reasons were flagged by the outgoing director.