Wendt (India) Limited has informed the Exchange regarding 'Board comments on fine levied by the Exchange'.
WENDT · price
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Awaiting price reaction for this filing.
Wendt (India) received notices from BSE and NSE on February 27, 2026, for failing to meet the minimum Board composition requirement under SEBI's Listing Regulations for 16 days in the quarter ended December 2025. The vacancy arose after Executive Director & CEO Mr. Ninad Gadgil stepped down on September 15, 2025, reducing the Board to five directors against the required six. The company took until January 19, 2026 — an extra 34 days beyond the December 15, 2025 deadline — to appoint Mr. Amit Ingale as the new Executive Director & CEO after a thorough search for a candidate with suitable technical expertise. Both exchanges levied a fine of Rs. 80,000 each plus 18% GST, totalling Rs. 94,400 per exchange. The Board has approved filing a waiver application with the exchanges, stating the delay was unintentional and necessary to find the right candidate.
This is a minor governance compliance issue with a relatively small total penalty of about Rs. 1.89 lakh. The company has already rectified the non-compliance by appointing a new CEO, and the Board is seeking a waiver. Shareholders should note the risk that if this becomes a second consecutive quarter of non-compliance under the same regulation, the stock could be shifted to the Z category and face trading suspension, though the company has now restored compliance.