The Company is submitting herewith the imposement of fine received from BSE yesterday on 29th March, 2025 pursuant to Regulation 30 of SEBI(LODR) Regulations
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Awaiting price reaction for this filing.
BSE has levied a fine of Rs. 2,05,320 (including GST) on Garment Mantra Lifestyle Ltd for not complying with Regulation 19(1) of SEBI's Listing Rules, which requires companies to have a properly constituted Nomination and Remuneration Committee (NRC), for the quarter ended 31st March 2025. The company disputes this, stating it had re-constituted the NRC committee way back on 29th March 2015 and had even shared this information with BSE through a prior corporate announcement. The company has clarified that this fine has no impact on its financial position, operations, or any other business activity. It plans to apply for a waiver under SEBI's policy on exemption of fines, and points out that BSE has previously waived off similar fines in earlier instances once compliance was shown.
This is a small regulatory fine (around Rs. 2 lakh) and the company is likely to get it waived since it has already re-constituted the committee and done so successfully before. Shareholders are unlikely to see any meaningful effect on the stock or business from this.