Univastu India Limited has informed the Exchange regarding Outcome of Board Meeting held on March 04, 2026.
UNIVASTU · price
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Awaiting price reaction for this filing.
Univastu India's board, at its March 4, 2026 meeting, approved the continuation of Mr. Dhananjay Barve as a Non-Executive Independent Director even though he turned 75 in December 2025. Under SEBI rules, any director aged 75 or above requires shareholder approval by special resolution, so the company is now seeking members' approval via a postal ballot (e-voting from March 6 to April 4, 2026). The filing also reveals that the company was late in seeking this approval, leading to a non-compliance fine from NSE of Rs 52,000 plus 18% GST (Rs 61,360) for 26 days of delay under Regulation 17(1A) for the quarter ended December 31, 2025. Mr. Barve, a Chartered Accountant and Law Graduate with over 40 years of direct taxation experience, currently chairs the Audit Committee and holds 64,050 equity shares in the company.
For shareholders: a postal ballot vote is required, with a favourable outcome needed to retain the existing independent director. The Rs 61,360 fine is minor and not material to financials, but the regulatory lapse signals a governance/administrative compliance weakness that investors should note.