Hindustan Composites Limited has informed the Exchange about Action(s) taken or orders passed regarding update on Waiver Application and fine levied for the period ended 30.06.2019
HINDCOMPOS · price
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Hindustan Composites Limited has received communication from BSE (April 8, 2026) regarding two regulatory penalties. First, the company's waiver application for a fine of Rs. 1,62,000 (excluding GST) related to Regulation 17(1A) non-compliance was rejected. This fine was for appointing Mr. Vinay Sarin as a Non-Executive Additional Director who was over 75 years old without passing a special resolution at that time (the appointment was later approved by shareholders in September 2023). The company had already paid Rs. 1,91,160 (including GST) each to BSE and NSE under protest. Second, a new fine of Rs. 1,55,000 (excluding GST) has been imposed for delayed submission of consolidated unaudited financial results for Q1 FY20 (ended June 30, 2019) by 31 days. The company claims it had no subsidiary at that time and was not required to submit consolidated results. Total outstanding fine is Rs. 1,82,900 (including GST).
The company faces a total penalty of Rs. 1,82,900 for compliance failures from 2019 and 2023. BSE has warned that failure to pay within 10 days may result in freezing of promoter shareholding in securities held in demat accounts.