Pudumjee Paper Products Limited has informed the Exchange about General Updates
PDMJEPAPER · price
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Pudumjee Paper Products informed that BSE and NSE imposed fines on the company on March 17, 2025, for alleged non-compliance with SEBI Listing Regulation 17(1A) regarding the appointment of Mr. Dilip Jayantilal Thakkar (age 88) as a Non-Executive Independent Director without prior shareholder approval. The Board, at its May 26, 2025 meeting, stated the fines were inappropriate, arguing that shareholder approval was obtained on December 11, 2024 via Special Resolution through Postal Ballot, which was before the relevant amendment to Regulation 17(1A) came into effect on December 13, 2024. The company has paid the fines under protest on March 28, 2025 and has applied to both stock exchanges seeking a waiver of the penalties.
This is a regulatory compliance issue that the company is actively contesting. While the fine has been paid under protest and a waiver has been sought, the outcome could affect compliance standing and potentially lead to refunds if the waiver is granted. The matter is unlikely to have a material financial impact but may cause short-term investor concern about governance practices.