MPCB forfeits Rs 25 lakh bank guarantee over consent condition non-compliance

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AI summary

Maharashtra Pollution Control Board (MPCB) has forfeited a bank guarantee of Rs 25 lakh furnished by Garware Hi-Tech Films, citing alleged non-compliance with consent conditions observed during a personal hearing at site. The company says it has already taken corrective steps and informed the MPCB. Immediate financial impact is limited to the Rs 25 lakh encashment, with no material impact on business operations or other activities.

Likely market impact

Minor financial hit of Rs 25 lakh. No material impact on operations. Company claims compliance has been restored.