Disclosure under Regulation 30 of SEBI (LODR), Reg 2015 - Imposition of Fines by NSE and BSE
GRSE · price
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GRSE has received notices from NSE and BSE dated 29 Aug 2025 for non-compliance with SEBI Listing Regulations covering board composition (Reg 17, 17(2A)), quorum of board meetings (Reg 18), and constitution of Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management committees (Reg 19, 20, 21). A fine of ₹12,54,340 has been imposed by each exchange, totaling about ₹25.08 lakh. The non-compliance is due to the Government of India (through the Ministry of Defence) not yet appointing the required Independent Directors and a Woman Independent Director on the board. GRSE has formally requested both exchanges to waive the fine, stating the delay is entirely outside its control as a Central Public Sector Enterprise. The company continues to pursue the matter with the Ministry of Defence to expedite appointments.
The fine amount is small and unlikely to materially affect the stock or financials. This is a procedural governance issue stemming from delayed government appointments of independent directors rather than any company-level wrongdoing, and waiver has been requested. Shareholders should expect updates on director appointments as a near-term catalyst, but no significant price impact is anticipated.