Intimation of Penalty under Regulation 30 of the SEBI LODR Regulation 2015.
Awaiting price reaction for this filing.
BSE has imposed a penalty of Rs. 1,55,760 (plus GST) on Burnpur Cement Limited for non-compliance with Regulation 17(1A) of the SEBI LODR Regulations, 2015, pertaining to the quarter ended June 2025. Regulation 17(1A) requires certain listed companies to ensure that independent directors on their board do not exceed 75 years of age, and the penalty appears linked to the continuation of Mrs. Poonam Srivastava as a non-executive independent director beyond that age threshold. The company is contesting the penalty, arguing that its management has been taken over by UV Asset Reconstruction Company Limited (UVARCL) under the SARFAESI Act, and that Section 15(3)(a) of that Act prohibits shareholders from nominating or appointing directors once a secured creditor assumes control, thereby exempting it from compliance. The filing notes that the company is reviewing the notice and assessing further legal options.
The penalty and ongoing regulatory dispute introduce near-term governance and compliance overhang for shareholders, with potential reputational and financial consequences if the fine is upheld. However, the company's reliance on the SARFAESI takeover defence may eventually absolve it, making the stock sensitive to the outcome of its legal challenge.