Company has received an e-mail from BSE Limited and National Stock Exchange of India Limited today regarding penal action for non-compliance of Regulation 17(1) & 20(2) / (2A) of Listing Regulations. The requisite details with respect to Schedule III of the Listing Regulations is annexed.We wish to inform that the composition of the Board and the Stakeholders Relationship Committee has consistently met the requirements set forth under Regulation 17(1) and 20(2)/(2A) of the Listing Regulations.Accordingly, the Company will make an application for the withdrawal of imposed fines.
SASKEN · price
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Sasken Technologies received an email from BSE and NSE on the same day flagging penal action for non-compliance with Regulation 17(1) and 20(2)/(2A) of the SEBI Listing Regulations, which deal with board composition and Stakeholders Relationship Committee composition. The company has stated that its board and committee composition have consistently met the prescribed requirements and disagrees with the non-compliance finding. Accordingly, Sasken will file an application seeking withdrawal of the fines imposed by the exchanges.
Short-term overhang from the exchange penalty and possible fine amount, but limited long-term concern as the company plans to contest and seek withdrawal, and the issue pertains to compliance interpretation rather than financial or business performance.