BSE Limited (BSE) have, vide their email dated August 21, 2023, imposed a fine of INR 16,000 on the Company under Regulation 6(1) of the SEBI Listing Regulations for delay in appointment of Compliance Officer. The company clarify that the said non-compliance occurred due to sudden resignation of Mr. Rajiv Gandhi (ex-Company Secretary and Compliance Officer) effective 15th December 2022, post which the Company made all possible efforts to fill the said vacancy, within the prescribed time as per Section 203(4) of Companies Act 2013. Considering the level of competency, skills, experience and seniority required for the said post, it took reasonable time to identify and finalize the potential candidate.

After a diligent selection process, the Company shortlisted to Mr. Hitesh L Marthak and issued an offer letter to him on 4th May, 2023 (that is within six months of creation of vacancy) appointing him as the Company Secretary and Compliance officer, however Mr. Marthak could join the Company with effect from 17th August, 2023, after completing his notice period with the previous organization. The Company remains committed to ensure optimum compliances of all applicable laws.