Neogen Chemicals Limited has informed the Exchange regarding outcome of Board meeting held on Jun 03, 2025.1) Continuation of Directorship of Prof. Ranjan Kumar Malik2) Calendar of events for Postal Ballot3) Notice received from NSE.
NEOGEN · price
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On the reaction day the stock moved 2.0 pts less than Nifty Microcap 250 and 1.9 pts less than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board approved the continuation of Prof. Ranjan Kumar Malik as Non-Executive Independent Director until October 5, 2028, after he crossed 75 years of age, subject to shareholder approval via postal ballot (e-voting window: June 13 to July 12, 2025). NSE has levied a fine of Rs. 3,61,080 (including 18% GST) on the company for non-compliance with SEBI's Regulation 17(1A) of the Listing Regulations, which requires a specific special resolution for directors above 75 years. The fine covers two quarters: Rs. 1,26,000 for Oct-Dec 2024 (63 days at Rs. 2,000/day) and Rs. 1,80,000 for Jan-Mar 2025 (90 days). The company said there is no material impact on operations other than this fine, and is now seeking fresh shareholder approval through the postal ballot to rectify the original omission.
The Rs. 3.61 lakh fine is small and not financially material, but the regulatory lapse on director appointment disclosure is a governance red flag. NSE has warned of harsher consequences such as freezing promoter shareholdings and shifting the stock to the 'Z' category if the fine isn't paid within 15 days, though the company can also apply for a waiver. Shareholders should watch for the postal ballot result and whether a waiver is granted.