Board Comments on the fine levied by the Exchanges (BSE and MSEI)
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.2 pts less than Nifty Microcap 250 and 0.9 pts less than its Trading & Distributors peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
The Board has responded to two penalty notices received from the stock exchanges. BSE levied a fine of ₹80,240 (including GST) alleging non-compliance with Regulation 20 (composition of the Stakeholders Relationship Committee) for the quarter ended June 2025. MSEI imposed a fine of ₹59,000 (including GST) for a 25-day delay in submitting the Annual Report for FY 2024-25. The Board concluded that both issues were not genuine violations — the BSE matter stemmed from a clerical error when filing the Integrated Corporate Governance Report, while the MSEI delay was caused by a technical glitch on the MSEI portal, with the Annual Report having been uploaded on BSE and the company's own website on time. The Board has already filed waiver applications with both exchanges and authorised the Company Secretary to pursue withdrawal of the penalties.
Total fines of around ₹1.39 lakh are financially insignificant for a listed company, and the Board is actively contesting both. However, repeated non-compliance (especially under Regulation 17/18/27) could eventually lead to freezing of promoter demat accounts or reclassification to the Z group and trading suspension, so shareholders should watch for further escalation.