Neogen Chemicals Limited has informed the Exchange about Action(s) taken or orders passed
NEOGEN · price
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Neogen Chemicals' board, on June 3, 2025, approved the continuation of Prof. Ranjan Kumar Malik as a Non-Executive Independent Director beyond age 75, till October 5, 2028, subject to shareholder approval via postal ballot. The company disclosed that NSE had levied a fine of Rs. 3,61,080 (including 18% GST) for non-compliance with Regulation 17(1A) of SEBI Listing Regulations, as the company had not specifically cited this regulation in a prior special resolution re-appointing an independent director crossing age 75. The fine covers the quarters ended December 31, 2024 (Rs. 1,26,000 for 63 days) and March 31, 2025 (Rs. 1,80,000 for 90 days), and is payable within 15 days of the May 29, 2025 notice. NSE warned of further action, including possible freezing of promoter shareholdings and shifting trading to a 'Trade for Trade' basis, if the fine is not paid. The company stated the fine has no material impact on its financials or operations, and is moving to regularise the approval through a postal ballot process between June 9 and July 12, 2025.
This is a minor regulatory compliance issue with a relatively small fine of ~Rs. 3.6 lakh, which the company says has no material impact on operations. Shareholders should note the postal ballot seeking approval for the independent director's continuation, but the underlying business and stock should not be significantly affected.