International Conveyors Limited has informed the Exchange about General Updates
INTLCONV · price
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Awaiting price reaction for this filing.
International Conveyors Limited has been fined by BSE and NSE for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, which deals with the composition of the Board of Directors. The company explained that the non-compliance arose because the resignation of Executive Director Shri P.S. Deshpande on November 13, 2024, made the Board composition optimum, and the delay in filling the vacancy was inadvertent. The Board, at its meeting on May 14, 2025, discussed the matter and stated that it took reasonable time to identify a suitable candidate given the required skills and seniority. The company has filed an application with BSE and NSE seeking waiver of the penalty, expressing confidence that the exchanges will consider its compliance efforts.
This is a minor regulatory penalty related to a technical compliance lapse in board composition, not a financial or operational issue. The company has already rectified the position and applied for a waiver, so the impact on shareholders is likely limited. Investors should watch for the exchanges' response to the waiver request.