Neogen Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on Jun 03, 2025.
NEOGEN · price
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Awaiting price reaction for this filing.
Neogen Chemicals' Board, which met on June 3, 2025, approved the continuation of Prof. Ranjan Kumar Malik as a Non-Executive Independent Director post his turning 75, until October 5, 2028, subject to shareholder approval via postal ballot. The Board also approved the Postal Ballot Notice, with e-voting scheduled from June 13 to July 12, 2025, and results on July 15, 2025. Separately, the company disclosed that NSE levied a fine of Rs. 3,61,080 (including 18% GST) for non-compliance with Regulation 17(1A) of the SEBI Listing Regulations, related to the previous re-appointment of an independent director above 75 years without specifically citing Regulation 17(1A) in the special resolution. The fine covers two quarters — Rs. 1,26,000 for Oct–Dec 2024 (63 days) and Rs. 1,80,000 for Jan–Mar 2025 (90 days) — at Rs. 2,000 per day. The company stated there is no material financial or operational impact beyond this penalty.
Minor negative impact due to the regulatory fine (~Rs. 3.6 lakh) for a technical compliance lapse, but the amount is small relative to the company's scale and unlikely to affect stock price. Shareholders will get to vote on retaining an experienced independent director; investors should watch for the postal ballot outcome on July 15, 2025.