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Galaxy Bearings Limited has informed BSE that on May 6, 2025, through its US-based legal counsel, the company filed an application with the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) seeking expedited removal of the company's name from the Specially Designated Nationals (SDN) sanctions list. This is a follow-up to an earlier disclosure dated February 13, 2025, suggesting the sanctions designation was first reported a few months earlier. The company says it is taking all necessary steps to get its name removed and will keep the stock exchange updated on further developments.
Being on the OFAC SDN list is a serious issue that can restrict the company's ability to do business with U.S. entities and could weigh on the stock. The fact that the company has engaged U.S. lawyers and formally applied for removal is a positive step, but until the designation is lifted, this remains a material overhang for shareholders.