India MCA Corporate Compliance Enforcement — May 28, 2026

28-05-2026

Finelistings Technologies Limited reported its audited standalone financial results for the half year and year ended March 31, 2026. For FY2026, total income declined 68.6% YoY to ₹602.32 Lakh (from ₹1,917.95 Lakh in FY2025), while net loss narrowed slightly to ₹334.83 Lakh from ₹376.99 Lakh in the prior year. The company also appointed M/s. Gaurav Bachani & Associates as Secretarial Auditor for FY2025-26 and M/s. Maharishi Shandilya as Internal Auditor for FY2026-27.

• · The company's revenue from operations for H2 FY2026 was ₹147.36 Lakh, down 79.9% from ₹733.98 Lakh in H2 FY2025.
• · Total expenditure for FY2026 was ₹934.65 Lakh, down 59.0% from ₹2,282.83 Lakh in FY2025.
• · Basic and diluted EPS for FY2026 was ₹(9.21) per share, compared to ₹(10.37) per share in FY2025.
• · The company reported only one reportable business segment: Retail of Pre-Owned Luxury Car.
• · Cash and cash equivalents increased to ₹17.62 Lakh as at March 31, 2026 from ₹10.86 Lakh a year earlier.
• · Long-term borrowings stood at ₹23.90 Lakh as at March 31, 2026, compared to nil in the prior year.
• · Trade receivables decreased sharply to ₹75.93 Lakh from ₹286.29 Lakh as at March 31, 2025.
• · The statutory auditors issued an unmodified opinion on the financial results.

28-05-2026

Sadbhav Infrastructure Project Limited informed stock exchanges that its Board of Directors discussed non-compliance with Regulation 17(1) of SEBI LODR regarding board composition, and the fines imposed by NSE and BSE via email/letters dated May 27, 2026. The Board resolved to pay the fines and is actively searching for a suitable candidate to fill the director vacancy to ensure future compliance.

• · Non-compliance relates to Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates minimum board composition requirements.
• · Fines were imposed by both NSE and BSE via email dated May 27, 2026.
• · The Board meeting was held on May 27, 2026, and the intimation was filed on May 28, 2026.
• · The company is actively searching for a suitable candidate for the director post to remedy the non-compliance.

28-05-2026

Genesys International Corporation Limited received a notice dated May 27, 2026 from BSE and NSE imposing fines of ₹4,18,900 each (inclusive of GST) for non-compliance with Regulation 17(1) of SEBI LODR Regulations, following the vacancy created by the retirement of Independent Director Mr. Manish Patel. The company states it has already filled the vacancy by appointing Mr. Sumit Sen as an Independent Director on March 13, 2026, and reports no quantifiable financial or operational impact beyond the fines.

• · The notice date is May 27, 2026, and the company disclosed it on May 28, 2026.
• · The non-compliance relates to a vacancy in the Board of Directors under Regulation 17(1) (composition of Board of Directors) due to retirement of an Independent Director.
• · The company reports that the vacancy has been filled with the appointment of Mr. Sumit Sen as Independent Director on March 13, 2026, indicating the non-compliance period likely spanned between the retirement date and that appointment date.
• · The company states there is no quantifiable impact on financials or operations beyond the fine amounts.

28-05-2026

MOIL Limited disclosed that NSE and BSE imposed fines totaling ₹10,62,000 (incl. GST) for non-compliance with board composition provisions during the quarter ended March 31, 2026. The company stated there is no impact on its financial, operational, or other activities.

• · Non-compliance relates to provisions of composition of Board for the quarter ended 31st March, 2026.
• · The fine was received on 27.05.2026.
• · The company asserts no financial, operational, or other impact from the fines.

28-05-2026

Subex Limited has been fined ₹4,50,000 each by NSE and BSE (total ₹9,00,000 plus GST) for non-compliance with Regulation 17(1) of SEBI LODR Regulations regarding board composition. The non-compliance occurred after the unexpected cessation of three board members on September 29, 2025, including two Women Independent Directors, leaving the board with only three members. The company has since appointed three new directors effective March 25, 2026, bringing the board into compliance, and has applied for a waiver of the fine, with a response pending.

• · The non-compliance period lasted from September 29, 2025 (cessation of three board members) until March 25, 2026 (when new directors were appointed and board composition met requirements).
• · The company has submitted an application to the stock exchanges seeking condonation of delay and waiver of the fine; response is pending.
• · The company states there is no material impact on financials, operations, or other activities from this regulatory action.
• · The board composition as of March 25, 2026 includes four Independent Directors, one Non-Executive Director, and one Woman Executive Director.

28-05-2026

Eris Lifesciences Limited has been fined ₹4,24,800 each by BSE and NSE (total ₹8,49,600) for non-compliance with Regulation 17(1) of the SEBI Listing Regulations regarding board composition for the quarter ended March 31, 2026. The non-compliance arose due to a vacancy created by the completion of an Independent Director's term, which was filled on March 14, 2026, and the company has been in compliance since then. The company states that the financial impact is limited to the penalty amount.

• · The fine was imposed for non-compliance with Regulation 17(1) of SEBI Listing Regulations pertaining to board composition for the quarter ended March 31, 2026.
• · The vacancy was created by the completion of an Independent Director's term and was filled effective March 14, 2026.
• · The company has been in compliance with Regulation 17(1) since March 14, 2026.
• · The company states no other financial, operational, or other impact beyond the penalty amount.

28-05-2026

DCM Shriram International Ltd received fines totaling ₹1,18,000 from BSE and NSE for technical non-compliance with Regulation 17(1A) of SEBI Listing Regulations, related to a delay in obtaining prior shareholder approval for the appointment/continuation of Non-Executive Director Mr. Sunil Behari Mathur, who is over 75 years old. The company attributes the delay to time constraints in implementing a Scheme of Arrangement and has since regularized the appointment via a Postal Ballot concluded on May 12, 2026. The company states there is no material impact on financial, operational, or other activities beyond the fine amount.

• · The non-compliance was for the quarter ended March 31, 2026.
• · The company received the notices via email on May 27, 2026.
• · The company states the delay was an unintended omission due to time constraints in implementing a Scheme of Arrangement.
• · The appointment/continuation of Mr. Sunil Behari Mathur was regularized via Postal Ballot concluded on May 12, 2026.
• · The company claims no material impact on financial, operational, or other activities beyond the fine.

28-05-2026

MSTC Limited disclosed that BSE has imposed a fine of ₹5,31,000 (incl. GST) for the quarter ended March 31, 2026 due to non-compliance with Board composition requirements under SEBI LODR Regulation 17(1). The company clarified that the non-compliance arose because the appointment of directors (including independent directors) is controlled by the Government of India through the Ministry of Steel, and MSTC has no role in the process; it has been continuously following up with the Ministry but has not yet received the desired nomination. The company has requested the stock exchanges to waive the fine, stating it has no impact on financial, operational, or other activities.

• · The fine was levied for the quarter ended 31st March, 2026.
• · The non-compliance relates to Regulation 17(1) of SEBI LODR Regulations, 2015 (composition of the Board).
• · MSTC is a Mini Ratna Category-I PSU under the administrative control of the Ministry of Steel.
• · The President of India has the power to appoint Directors (including Independent Directors) on the Board.
• · The company states the non-compliance was not due to negligence/default by the company and is beyond management's control.
• · The company has been continuously following with the Ministry of Steel for appointment of independent directors but has not yet received the desired nomination.
• · The fine has no impact on the financial, operational, or other activities of the company.

28-05-2026

Fine Organic Industries Limited submitted its Annual Secretarial Compliance Report for FY2026, confirming general compliance with SEBI regulations and corporate governance standards. The report notes no material non-compliances, but highlights two events: the company received letters from BSE & NSE on January 6, 2026, to which it responded on January 7, 2026, and an income tax assessment order was received on March 10, 2026, against which an appeal has been filed and disclosed to stock exchanges on April 28, 2026.

• · The company received letters from BSE & NSE on January 6, 2026, and provided a detailed reply on January 7, 2026.
• · An income tax assessment order was received on March 10, 2026; the company has filed an appeal and disclosed the event to stock exchanges on April 28, 2026.
• · No actions were taken by SEBI or stock exchanges against the company, its promoters, directors, or subsidiaries during the year.
• · The statutory auditors retired at the AGM during the year upon completion of their appointment term; no resignation occurred.
• · All applicable policies under SEBI regulations were adopted, reviewed, and updated on time.
• · Performance evaluation of the Board, Independent Directors, and Committees was conducted via Nomination & Remuneration Committee meeting on May 7, 2025, and Board meeting on May 8, 2025.
• · Prior approval of the Audit Committee was obtained for all related party transactions (Audit Committee meeting held on February 4, 2025).

28-05-2026

DCM Shriram Fine Chemicals Ltd received fines totaling ₹1,36,880 from BSE and NSE for technical non-compliance with Regulation 17(1A) of SEBI LODR, due to delay in obtaining shareholder approval for the continuation of Non-Executive Director Mr. Sunil Behari Mathur, who is over 75 years old. The company has initiated corrective action via postal ballot and expects to complete the process within three months.

• · The non-compliance pertains to Regulation 17(1A) of SEBI LODR for the quarter ended March 31, 2026.
• · The company states the delay was an unintended omission due to time constraints in implementing a Scheme of Arrangement and listing requirements.
• · The postal ballot process is expected to conclude on May 29, 2026, with voting results declared on the same day.
• · The company asserts no material impact on financial, operational, or other activities except the fine amount.

28-05-2026

Mangalore Refinery and Petrochemicals Limited (MRPL) received notices from BSE and NSE for non-compliance with SEBI LODR Regulations regarding Board and sub-committee composition for the quarter ended March 31, 2026, resulting in a fine of ₹5,68,760 (including 18% GST) from each exchange. The company has requested a waiver, citing that as a CPSE, director nominations are made by the Ministry of Petroleum and Natural Gas, Government of India.

• · Non-compliance relates to Regulations 17(1), 18(1), 19, 20, and 21(2) of SEBI LODR Regulations concerning composition of the Board and sub-committees.
• · The fine amount is ₹5,68,760 per exchange (including 18% GST), totaling ₹11,37,520.
• · MRPL is a Schedule 'A' Government of India Enterprise and a subsidiary of ONGC.
• · The company has already represented to the exchanges seeking waiver of the fine.

28-05-2026

Cochin Minerals & Rutile Limited disclosed that the Enforcement Directorate (ED), Kochi conducted simultaneous raids at the company's Aluva office and the residences of senior officials on May 27, 2026. The company and its officials have fully cooperated with the ED and provided all requested information. This regulatory action represents a significant compliance and reputational risk event for the company.

• · The raid was conducted by Enforcement Directorate (ED), Kochi
• · The raid occurred on May 27, 2026
• · This disclosure follows a prior letter dated May 27, 2026 (reference 02020B/CMRL/2026/020)
• · The company is a 100% EOU (Export Oriented Unit) and a Three Star Export House
• · The company's directorate code on BSE is 513353 and DEMAT ISIN is INE105D01013

28-05-2026

Camlin Fine Sciences Limited has submitted its Annual Secretarial Compliance Report for the year ended March 31, 2026, prepared by JHR & Associates, Practising Company Secretaries. The report confirms full compliance with all applicable SEBI regulations, including LODR, ICDR, Takeover, PIT, and SBEB regulations, with no deviations, fines, or actions taken by SEBI or stock exchanges during the review period.

• · The compliance report covers the period from April 1, 2025 to March 31, 2026.
• · All applicable policies under SEBI Regulations have been adopted and timely updated.
• · The listed entity maintains a functional website with timely dissemination of documents.
• · None of the directors are disqualified under Section 164 of the Companies Act, 2013.
• · Performance evaluation of the Board, Independent Directors, and Committees was conducted in the first quarter of FY 2025-26.
• · Prior approval of the Audit Committee was obtained for all related party transactions.
• · The company complied with Regulation 30 disclosures within prescribed time limits.
• · No actions were taken by SEBI or stock exchanges against the company, its promoters, directors, or subsidiaries.
• · The company has complied with disclosure requirements for Employee Benefit Scheme Documents under Regulation 46(2)(za) of LODR.

28-05-2026

MTNL received fines totaling ₹5,31,000 (₹4,50,000 basic + ₹81,000 GST) from both BSE and NSE for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015 regarding Board composition. The company attributes the non-compliance to its status as a PSU where appointments, including Independent Directors, are made by the Department of Telecommunications, and has requested a waiver of fines. While the fines are not considered material to financial/operational activities, failure to comply within 15 days could lead to freezing of promoter shareholding and potential trading suspension.

• · Non-compliance pertains to Regulation 17(1) – Composition of the Board (including failure to appoint woman director).
• · The fine is for the quarter ended March 2026, calculated at ₹5,000 per day for the entire quarter.
• · MTNL has already taken up the matter of appointing six Independent Directors with the Government of India.
• · If fines are not paid within 15 days, BSE may freeze the entire promoter shareholding and all other securities in the promoter's demat account.
• · If this is the second consecutive quarter of non-compliance for Regulation 17(1), the company could be transferred to Z group and face suspension of trading of its equity shares.
• · The company must place the non-compliance and exchange action before its Board in the next meeting and inform the exchange of the Board's comments.
• · A non-refundable processing fee of ₹10,000 + 18% GST is required for waiver applications if the fine exceeds ₹5,000 (exclusive of GST).

28-05-2026

Hindustan Copper Limited (HCL) has been fined ₹9,55,800 each by BSE and NSE for non-compliance with board composition, audit committee, and nomination/remuneration committee requirements under SEBI (LODR) Regulations 2015. The company states the non-compliance arises because director appointments are vested with the President of India through the Ministry of Mines, and it has written to the Ministry seeking appointments; once directors are appointed, it will seek a waiver of fines. HCL maintains there is no financial, operational, or other impact on the company.

• · The non-compliance period covers Q4 ending March 31, 2026, with 90 days of non-compliance per regulation.
• · The NSE fine increases daily until compliance is achieved.
• · HCL must place the non-compliance and fine before the Board in its next meeting and inform the Exchange of board comments.
• · To apply for waiver, HCL must first achieve compliance, then file a detailed application on NEAPS portal with a non-refundable processing fee of ₹10,000 + 18% GST (if fine > ₹5,000).
• · HCL, being a government company, states it cannot independently appoint directors; the power rests with the President of India acting through the Ministry of Mines.
• · HCL has written to the Ministry of Mines for appointment of required directors and will seek waiver after appointments are made.

28-05-2026

Fineotex Chemical Limited filed its Annual Secretarial Compliance Report for FY2026, confirming overall compliance with SEBI LODR regulations. However, the report highlights two historical compliance issues from FY2024: a delay in submitting proceedings of the Annual General Meeting and a delay in filing the Corporate Governance Report for the September 2014 quarter, for which the company paid a penalty. No new deviations were reported for FY2026.

• · The company has 2 material subsidiaries.
• · No actions were taken by SEBI or stock exchanges against the listed entity, its promoters, directors, or subsidiaries during the reporting period.
• · No resignation of statutory auditors occurred during FY2026.
• · The company has adopted all applicable policies under SEBI regulations and maintains a functional website with timely disclosures.
• · Performance evaluation of the Board, Independent Directors, and Committees was conducted at the start of the financial year.

28-05-2026

National Aluminium Company Limited (NALCO) has received fines totaling ₹10,62,000 (including 18% GST) from BSE and NSE for non-compliance with Regulation 17(1) of the SEBI LODR Regulations during the quarter ended March 31, 2026. Each exchange imposed a fine of ₹5,31,000. The company is in the process of representing its position to the exchanges regarding the identified non-compliance.

• · The non-compliance relates to Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which pertains to the composition of the Board of Directors.
• · The fines were imposed for the quarter ended March 31, 2026.
• · The company received the communication from BSE and NSE on May 27, 2026.
• · NALCO is a Government of India Enterprise with CIN L27203OR1981GOI000920.

28-05-2026

Akar Auto Industries Ltd. received a fine of ₹1,45,000 plus 18% GST from BSE for non-compliance with Regulation 17 of SEBI LODR due to a delay in appointing a Woman Director. The company has since made the appointment and complied with the provisions, and the fine is due by June 10, 2026. No other financial or operational impact is reported.

• · The fine is for the quarter ended March 31, 2026.
• · Due date for payment is within 15 days from the email date, i.e., June 10, 2026.
• · The delay was attributed to time taken in identifying and finalizing a suitable candidate for Woman Director.
• · The company has subsequently appointed a Woman Director and complied with the applicable provisions.
• · No other financial or operational impact beyond the fine is reported.

28-05-2026

Mishra Dhatu Nigam Limited (MIDHANI) informed stock exchanges that BSE and NSE imposed a fine of ₹4,95,600 each (inclusive of GST) for the quarter ended March 31, 2026, due to non-compliance with Regulation 17(1) of SEBI LODR regarding Board composition. The company has not paid the fines, citing that the authority for appointing directors rests with the President of India through the Ministry of Defence, and plans to submit a waiver request. The company states the fines have no impact on its financial, operational, or other activities.

• · The fines were imposed for non-compliance under Regulation 17(1) of SEBI LODR for the quarter ended March 31, 2026.
• · MIDHANI has not paid any fine to stock exchanges on account of non-compliances pertaining to Board composition.
• · The authority for appointment of Directors on the Board of MIDHANI vests with the President of India acting through Ministry of Defence; the Board has no role in appointment of Directors.
• · MIDHANI will submit a fine waiver request to NSE & BSE in line with NSE circular No: NSE/CML/51846 dated March 31, 2022, citing impossibility of compliance.
• · The company asserts that the fine has no impact on its financial, operational, or other activities.

28-05-2026

Reliable Data Services Limited has received notices from NSE and BSE for non-compliance with Regulation 17(1) of SEBI LODR (composition of the Board) for the quarter ended March 31, 2026. Each exchange has imposed a fine of ₹2,59,600 (inclusive of GST), totaling ₹5,19,200. The company is in the process of filing waiver applications, but failure to pay within 15 days could lead to freezing of promoter shareholdings and potential trading suspension.

• · The non-compliance relates to Regulation 17(1) regarding composition of the Board, including failure to appoint a woman director.
• · The fine of ₹2,59,600 per exchange comprises a basic fine of ₹2,20,000 plus GST of ₹39,600.
• · The company has 15 days from May 27, 2026 to pay the fines, failing which NSE may freeze promoter shareholdings and shift trading to 'Trade for Trade' basis (Z category).
• · The company is in the process of filing waiver applications with both exchanges; a non-refundable processing fee of ₹10,000 plus 18% GST is required if the fine exceeds ₹5,000.
• · The non-compliance must be placed before the Board in the next meeting, and Board comments must be disseminated to the exchanges.
• · Other regulations (17(1A), 17(2), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), 21(2), 27(2)) were also checked but no fines were levied for those.

28-05-2026

HMT Limited received notices from BSE and NSE imposing fines of ₹5,31,000 each (inclusive of GST) for non-compliance with Regulation 17(1) of SEBI LODR Regulations for the quarter ended March 31, 2026, due to the absence of requisite Independent Directors on the Board. The company is applying for waiver of the fines and has requested the Government of India to appoint the required Independent Directors, including one Independent Woman Director.

• · The non-compliance pertains to the quarter ended March 31, 2026.
• · The company is in the process of applying for waiver of fines as per the SOP Circular issued by Stock Exchanges.
• · HMT Limited is a Government Company; all Directors are appointed by the Government of India per the Articles of Association.
• · The Administrative Ministry has been requested to appoint the requisite number of Independent Directors, including one Independent Woman Director.

28-05-2026

BHEL received fines of ₹5,49,880 each from BSE and NSE for non-compliance with SEBI LODR regulations regarding board composition, audit committee, and nomination committee. The non-compliance arose after two independent directors completed their tenure on March 27, 2026, leaving only one independent director. BHEL plans to seek a waiver of the fines, citing its status as a government company and ongoing efforts to appoint independent directors.

• · Non-compliance relates to Regulations 17(1), 18(1), and 19(1) of SEBI LODR for the quarter ending March 2026.
• · Audit Committee and NRC were compliant until March 27, 2026; non-compliance started from March 28, 2026.
• · BHEL is a Government of India undertaking; directors are appointed by the Government.
• · BHEL is regularly pursuing with the Government for appointment of requisite independent directors.

28-05-2026

Godavari Biorefineries Limited announced that the Indian Patent Office has granted patent number 590470 for its invention titled 'A PROCESS FOR PRODUCTION OF BRANCHED ALCOHOL', with a term of 20 years from June 2, 2020. This patent strengthens the company's intellectual property protection in the bio-based specialty chemicals segment.

• · Patent application number: 202021023138
• · Patent number: 590470
• · Date of filing: June 2, 2020
• · Date of grant: May 27, 2026
• · The invention discloses a safe, economic, and cost-effective process for the production of branched alcohols
• · Annual renewal fees for the patent are due on June 2nd of each year, starting from June 2, 2022

28-05-2026

BF Utilities Limited received notices from NSE and BSE on May 27, 2026, levying fines of ₹4,42,500 each (inclusive of GST) for non-compliance with Regulation 17(1) of the SEBI Listing Regulations regarding board composition, specifically the failure to appoint an Independent Woman Director for the quarter ended March 31, 2026. The company clarified that it had already appointed Mrs. Mugdha Vartak as Non-Executive Independent Woman Director effective March 17, 2026, and stated there is no material impact on financials or operations.

• · The fines were levied for non-compliance with Regulation 17(1) of SEBI Listing Regulations pertaining to board composition, including failure to appoint an Independent Woman Director for the quarter ended March 31, 2026.
• · The company received the email notices on May 27, 2026, and the due date for payment of the fines is June 11, 2026 (within 15 days).
• · Mrs. Mugdha Vartak was appointed as Non-Executive Independent Woman Director for a period of 3 consecutive years from March 17, 2026 to March 16, 2029.
• · The company stated there was no delay or default in payment of the fine and that there is no material impact on financials, operations, or other activities.

28-05-2026

BF Investment Limited received a notice from NSE and BSE on May 27, 2026, for non-compliance with Regulation 17(1) of the SEBI Listing Regulations regarding board composition, specifically the failure to appoint an independent woman director for the quarter ended March 31, 2026. The exchanges levied fines of ₹4,42,500 each (inclusive of GST), which the company paid on May 28, 2026. The company clarified that it had already appointed a woman independent director effective March 17, 2026, thereby complying with the regulation, and stated there is no material impact on financials or operations.

• · The non-compliance pertains to the quarter ended March 31, 2026.
• · The company appointed a woman independent director effective March 17, 2026, for a period of three consecutive years.
• · The due date for payment of the fines was June 11, 2026 (15 days from receipt of notice), but the company paid on May 28, 2026, well before the deadline.
• · The company states there was no delay or default in payment of the fine.
• · The company asserts no material impact on financials, operations, or other activities.