Servotech Renewable Power System Limited has informed the Exchange about General Updates
SERVOTECH · price
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Awaiting price reaction for this filing.
NSE has imposed a fine of Rs. 1,32,160 (including GST) on Servotech Renewable Power System for allegedly not obtaining shareholder approval through a special resolution before appointing a Non-Executive Independent Director who is over 75 years of age, as required under Regulation 17(1A) of SEBI Listing Regulations. The company argues it was in compliance because it appointed the director as an Additional Director on May 6, 2025, and obtained shareholder approval via postal ballot on July 31, 2025 — well within the 3-month window permitted under Regulation 17(1C). The company states there was no willful default and that the interim board appointment followed by timely shareholder ratification is legally valid. Servotech plans to file a waiver application seeking relief from the fine.
The financial impact is negligible (fine of ~Rs. 1.32 lakh) and the company says operations are unaffected. However, the episode draws attention to a governance lapse flagged by the exchange, which may concern investors monitoring board composition and compliance quality. Resolution through waiver application should close the matter quickly.