MPS Limited has informed the Exchange regarding 'Board Comments on the Exchanges observations- NRC Composition and fine'.
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MPS Limited's Board has responded to observations from BSE and NSE regarding a fine imposed for alleged non-compliance with Regulation 19(1)/19(2) of SEBI Listing Regulations related to the composition of the Nomination and Remuneration Committee (NRC). The Board clarified that this was not a case of non-compliance but a temporary gap caused by the end of Independent Directors' tenure, during which no NRC meetings were held between 30 October 2024 and 23 January 2025. The NRC was reconstituted in full compliance on 24 January 2025. The Board also noted that the specific timeline requirement to fill committee vacancies only came into effect from 12 December 2024 under the SEBI (LODR) Third Amendment Regulations. The company had already filed a waiver application with the exchanges on 20 March 2025.
This is a regulatory compliance matter involving a fine from stock exchanges that the company is contesting. The Board maintains the position is defensible, but the final outcome of the waiver application and any financial penalty amount could affect investor sentiment. No material business impact on operations is indicated.