India MCA Corporate Compliance Enforcement — May 29, 2026

29-05-2026

Fine-line Circuits Ltd. reported audited financial results for the quarter and year ended March 31, 2026. For the full year, revenue from operations grew 9.2% to ₹3,317.68 Lakhs, and net profit after tax fell sharply by 92.4% to ₹1.52 Lakhs from ₹19.74 Lakhs in the prior year, impacted by an exceptional loss of ₹37.94 Lakhs related to labor code provisions. The quarterly performance showed a net loss of ₹23.53 Lakhs for Q4 FY26 versus a profit of ₹11.90 Lakhs in Q3 FY25, while revenue increased 6.8% sequentially.

• · The auditor's report on the audited financial results carries an unmodified opinion.
• · Total comprehensive income for FY26 was ₹31.43 Lakhs, up from ₹27.76 Lakhs in FY25.
• · Other equity (excluding revaluation reserves) stood at ₹430.83 Lakhs as at March 31, 2026, compared to ₹399.41 Lakhs a year earlier.
• · Finance costs for FY26 increased to ₹39.72 Lakhs from ₹11.11 Lakhs in FY25, a rise of 257.5%.
• · Depreciation expenses rose to ₹75.81 Lakhs in FY26 from ₹60.26 Lakhs in FY25.
• · Cash and cash equivalents decreased to ₹75.27 Lakhs as at March 31, 2026 from ₹91.82 Lakhs a year earlier.
• · The company recognized an exceptional item of ₹37.94 Lakhs in FY26 related to the impact of new labor codes (Code on Wages, Industrial Relations Code, etc.) as per a Ministry notification in May 2026.
• · Trade receivables increased significantly to ₹527.77 Lakhs from ₹115.12 Lakhs year-on-year.
• · Current borrowings decreased to ₹186.72 Lakhs from ₹330.13 Lakhs, while non-current borrowings increased to ₹260.01 Lakhs from ₹200.00 Lakhs.

29-05-2026

Super Fine Knitters Limited reported audited standalone financial results for the half year and year ended March 31, 2026. For the full year, total revenue increased 11.3% to ₹3,185.47 Lacs from ₹2,862.90 Lacs in FY2025, and net profit rose 36.1% to ₹91.83 Lacs from ₹67.49 Lacs. However, the second half of FY2026 saw a sharp decline: revenue fell 29.4% to ₹1,302.16 Lacs from ₹1,843.31 Lacs in H1, and the company recorded a pre-tax loss of ₹4.96 Lacs in H2 versus a pre-tax profit of ₹47.94 Lacs in H1, driven by a ₹10.16 Lacs extraordinary item and a significant increase in cost of materials consumed.

• · Auditor's report is unmodified/unqualified.
• · Board meeting held on May 23, 2026, from 02:30 PM to 03:30 PM.
• · Equity share capital remains unchanged at ₹12,39,30,70,000 (face value ₹10 per share).
• · Basic EPS for FY2026: ₹0.74 (FY2025: ₹0.54).
• · H2 FY2026 basic EPS (not annualised): ₹0.45 vs H1 FY2026: ₹0.29.
• · Total comprehensive income for FY2026: ₹91.83 Lacs (FY2025: ₹67.49 Lacs).
• · Deferred tax liability decreased to ₹101.12 Lacs from ₹171.00 Lacs.
• · Trade receivables decreased to ₹245.15 Lacs from ₹320.57 Lacs.
• · Inventories decreased to ₹1,769.41 Lacs from ₹1,874.99 Lacs.
• · Net cash from operating activities improved to ₹344.36 Lacs from ₹247.65 Lacs.
• · Cash flow from investing activities: net outflow of ₹57.96 Lacs (FY2025: outflow ₹123.00 Lacs).
• · Cash flow from financing activities: net outflow of ₹188.78 Lacs (FY2025: outflow ₹118.05 Lacs).

29-05-2026

Aravali Securities & Finance Ltd. received a fine of ₹1,84,080 (inclusive of GST) from BSE Limited for non-compliance with Regulation 17(1A) of SEBI Listing Regulations, related to the age of director Mrs. Chandra Lekha Poddar. The company states there is no material financial impact beyond the fine amount, and it is taking corrective steps including seeking shareholder approval at the AGM. The delay in disclosure was described as inadvertent and unintentional.

• · The fine relates to non-compliance with Regulation 17(1A) concerning director age — Mrs. Chandra Lekha Poddar attained age 75.
• · Mrs. Poddar was appointed as an Additional Director in the Non-Executive category effective January 13, 2026, and holds office until the ensuing AGM.
• · The company received the initial BSE communication on May 8, 2026, and the fine notice on May 27, 2026, with disclosure made on May 29, 2026.
• · The company plans to convene a Board Meeting on June 6, 2026, to approve the notice for the AGM to seek shareholders' approval for Mrs. Poddar's appointment.
• · The company asserts the delay was inadvertent and procedural, not wilful or deliberate.

29-05-2026

Premier Synthetics Ltd. informed BSE that it is exempt from submitting Related Party Transactions disclosures under Regulation 23(9) of SEBI (LODR) Regulations, 2015, because its paid-up equity share capital (₹10 Cr or less) and net worth (₹25 Cr or less) fall below the thresholds specified in Regulation 15(2). The company qualifies for the exemption as a small listed entity with paid-up equity capital not exceeding ₹10 Crore and net worth not exceeding ₹25 Crore as of the last day of the previous financial year.

• · The exemption applies to compliance with Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27, and clause (b) to (i) of Sub-Regulation (2) of Regulation 46, and Para C, D and E of Schedule V of SEBI (LODR) Regulations, 2015.
• · The company's paid-up equity share capital and net worth are both below the minimum levels specified, making the exemption applicable.
• · The filing was made on May 29, 2026, and signed digitally by the Company Secretary.

29-05-2026

BF Utilities Limited disclosed to NSE and BSE that it has paid fines totaling ₹9,85,000 (₹4,42,500 each inclusive of GST) imposed by the exchanges on May 27, 2026. The fines were levied for non-compliance with Regulation 17(1) of the SEBI Listing Regulations, specifically for the failure to appoint an Independent Woman Director on the Board. The company remedied the non-compliance by appointing Mrs. Mugdha Vartak as an Independent Woman Director effective March 17, 2026, and the company states there is no material impact on its financials, operations, or other activities.

• · The fines were levied on May 27, 2026, and the company paid them on May 29, 2026, within the 15-day due date of June 11, 2026.
• · Regulation 17(1) pertains to the composition of the Board; the violation specifically was the failure to appoint an Independent Woman Director.
• · The violation was remedied by appointing Mrs. Mugdha Vartak as Independent Woman Director effective March 17, 2026, for a 3-year term ending March 16, 2029.
• · The company explicitly states there was no delay or default in payment of the fine.

29-05-2026

Ashoka Refineries Ltd reported a net loss of ₹15.50 Lakhs for the year ended March 31, 2026, compared to a net loss of ₹16.68 Lakhs in the prior year, showing a marginal improvement of 7.1%. However, revenue from operations remained nil for both the quarter and full year, while total comprehensive loss widened to ₹13.18 Lakhs from ₹14.68 Lakhs in FY25. The company's cash and cash equivalents declined sharply by 58.1% to ₹12.39 Lakhs from ₹29.59 Lakhs as of March 31, 2025.

• · Revenue from operations was nil for both the quarter and full year ended March 31, 2026, indicating no core business activity.
• · Total income for the year was ₹5.61 Lakhs, entirely from other income (likely interest).
• · Employee benefits expense for the year was ₹2.76 Lakhs, down from ₹9.45 Lakhs in FY25.
• · Other expenses for the year were ₹2.35 Lakhs, down from ₹6.32 Lakhs in FY25.
• · Total equity (net worth) declined to ₹245.05 Lakhs from ₹258.23 Lakhs as at March 31, 2025.
• · Trade receivables stood at ₹4.29 Lakhs as at March 31, 2026 (nil in prior year).
• · Trade payables increased to ₹4.77 Lakhs from ₹0.28 Lakhs as at March 31, 2025.
• · Cash flow from operations was negative ₹17.18 Lakhs in FY26 vs positive ₹25.72 Lakhs in FY25.
• · The company has no borrowings other than ₹15.00 Lakhs in non-current borrowings (unchanged).
• · Earnings per share (basic and diluted) for FY26 was negative ₹0.39, compared to negative ₹0.43 in FY25.

29-05-2026

Garden Reach Shipbuilders & Engineers Limited (GRSE) has received a notice from BSE imposing a fine of ₹9,55,800 (incl. GST) for non-compliance with SEBI LODR regulations regarding the appointment of Independent Directors, including a Woman Independent Director, and the constitution of the Audit Committee and Nomination and Remuneration Committee during the quarter ended March 31, 2026. The company has responded that as a Central Public Sector Enterprise under the Ministry of Defence, the appointment of Independent Directors is beyond its control and rests solely with the Government of India, and has requested a waiver of the fine. GRSE continues to actively pursue the matter with the Ministry of Defence for timely appointments.

• · The non-compliance pertains to Regulations 17(1), 18(1), and 19(1)/19(2) of SEBI LODR, 2015.
• · The company's response letter is dated May 29, 2026 (same as the filing date).
• · GRSE is a Central Public Sector Enterprise (CPSE) under the Ministry of Defence, Government of India.
• · The President of India, acting through the Ministry of Defence, is the Promoter of the Company.
• · The company states that the non-compliance arose due to non-appointment of Independent Directors by the Government of India, which is beyond the company's control.

29-05-2026

Shirpur Gold Refinery Ltd, undergoing Corporate Insolvency Resolution Process (CIRP) since June 2024, has failed to submit its audited financial results for the quarter and year ended March 31, 2026, within the prescribed SEBI (LODR) timeline. The Resolution Professional cites unresolved issues with the Suspended Board of Directors and challenges in collating records as reasons for the delay. This non-compliance highlights ongoing operational and governance difficulties during the insolvency process.

• · CIRP commenced on June 24, 2024, per NCLT order CP (IB) No. 250/MB/2022.
• · First Committee of Creditors meeting was held on July 24, 2024; e-voting concluded September 14, 2024, confirming the IRP as Resolution Professional.
• · Regulations 17, 18, 19, 20, and 21 of SEBI (LODR) are not applicable during the CIRP period; their roles are fulfilled by the IRP/RP.
• · The RP's IBBI Registration No. is IBBI/IPA-001/IP-P-01520/2018-2019/12267.
• · AFA Validity of the RP is December 31, 2026.

29-05-2026

SMT Engineering Limited informed BSE that its Board of Directors took note of a fine levied by BSE for non-compliance with related party transaction disclosure requirements under Regulation 23(9) for the half year ended September 30, 2025. The company attributed the delay to inadvertent oversight, confirmed payment of the fine, and advised stricter compliance going forward.

• · Non-compliance related to Regulation 23(9) of SEBI LODR Regulations, 2015 and SEBI Master Circular dated November 11, 2024.
• · Fine was for the half year ended September 30, 2025.
• · BSE email dated December 16, 2025 was placed before the Board on May 29, 2026.
• · Company has paid the fine and placed acknowledgment before the Board.

29-05-2026

Gandhar Oil Refinery (India) Limited filed its Annual Secretarial Compliance Report for FY ended March 31, 2026, confirming overall compliance with SEBI regulations. However, the report discloses one new compliance deviation: non-filing of an XBRL disclosure for receipt of a work order on August 25, 2025, which was missed due to an inadvertent oversight. The company also had two prior-year deviations (delayed board meeting outcome intimation and delayed subsidiary formation intimation) for which remedial actions have been noted.

• · The new deviation in FY26: Non-filing of XBRL for receipt of a work order (Regulation 30 of SEBI LODR) on August 25, 2025, attributed to inadvertent oversight due to recent introduction of XBRL requirement.
• · Prior-year deviations (FY25): (1) Delay in submission of outcome of Board Meeting held on July 25, 2024 for approval of incorporation of a wholly owned subsidiary; (2) Delayed intimation regarding formation of subsidiary (incorporated August 23, 2024, intimated March 29, 2025).
• · No monetary fines or penalties were imposed by SEBI or stock exchanges for any of the deviations.
• · All 13 additional affirmations (e.g., Secretarial Standards, policy adoption, website maintenance, director disqualification, related party transactions, insider trading compliance) were confirmed as compliant.
• · No actions taken by SEBI or stock exchanges against the company, its promoters, directors, or subsidiaries during the review period.

29-05-2026

Zee Learn Limited informed exchanges of a fine levied by BSE and NSE for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, due to the absence of a Woman Director for one day. The total fine is ₹5,000 from each exchange (plus applicable GST), which the Board deemed a technical, minimal-period non-compliance. The Board confirmed that the composition has since been brought into full compliance and directed strengthening of internal monitoring mechanisms.

• · Date of receipt of communication from exchanges: May 27, 2026 (both NSE and BSE).
• · Board meeting held on May 29, 2026 to consider the communications.
• · Non-compliance was under Regulation 17(1) of SEBI (LODR) Regulations, 2015 (composition of Board of Directors).
• · The fine is ₹5,000 per exchange plus applicable GST.
• · The company states the non-compliance was technical and for a minimal period of one day.
• · The Board has directed strengthening of internal monitoring mechanisms to avoid recurrence.

29-05-2026

NGL Fine-Chem Limited filed its Annual Secretarial Compliance Report for FY 2025-26, confirming overall compliance with SEBI LODR regulations. However, the report notes a deviation: the company failed to timely intimate the cessation of Mr. Jayaram Sitaram as a Non-Executive Independent Director under Regulation 30(6). The company has taken remedial actions on prior-year observations, including a penalty of ₹15,000 for delayed related-party transaction disclosures.

• · The company has one wholly owned material subsidiary during FY 2025-26.
• · 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 auditor occurred during the reporting period.
• · The company does not have any Employee Benefit Scheme during the reporting period.
• · All policies under SEBI regulations are adopted and timely updated; website maintenance and disclosures are compliant.
• · None of the directors are disqualified under Section 164 of Companies Act, 2013.
• · Performance evaluation of Board, Independent Directors, and Committees was conducted at the start of every financial year.
• · Prior approval of Audit Committee was obtained for all related party transactions.
• · The company is in compliance with Secretarial Standards (SS) issued by ICSI.

29-05-2026

The State Trading Corporation of India Ltd. disclosed receipt of a notice from the National Stock Exchange (NSE) imposing a fine of ₹11,91,800 for non-compliance with SEBI (LODR) Regulations regarding the required number of Independent Directors on its Board for the quarter ended March 31, 2026. The company reported the event to the exchanges on the first working day after receiving the notice.

• · The fine was imposed for non-compliance of Regulations 17(1), 17(2), 17(2A), 18(1), 19(1)/19(2), and 20(2)/20(2A) of SEBI (LODR) Regulations, 2015.
• · The non-compliance relates to not having the requisite number of Independent Directors on the Board for the quarter ended March 31, 2026.
• · The notice was received via email from NSE on May 27, 2026 at 8:33 PM.
• · The disclosure was made on May 29, 2026, the first working day after receipt of the notice.

29-05-2026

Bharat Dynamics Limited (BDL) has been fined ₹6,96,200 each by BSE and NSE (total ₹13,92,400 inclusive of GST) for non-compliance with SEBI LODR Regulations 17(1), 18, and 19 regarding board composition and independent directors. The company will seek a waiver, citing that the appointment of directors rests with the Ministry of Defence, not the Board, and acknowledges it will remain non-compliant until the government appoints the required independent directors. The company states the fines have no financial or operational impact.

• · Non-compliance relates to SEBI LODR Regulations 17(1), 18, and 19 concerning board composition and independent directors.
• · BDL will seek a waiver of the fines based on a policy for exemption, citing impossibility of compliance because the appointment of directors is controlled by the President of India through the Ministry of Defence.
• · BDL acknowledges it will continue to be non-compliant until the government appoints the required number of independent directors.
• · The company asserts the fines have no impact on its financial, operational, or other activities.

29-05-2026

Gujarat State Financial Corporation (GSFC) disclosed a fine of ₹9,67,600 levied by BSE Ltd for the quarter ended March 31, 2026, due to non-compliance with SEBI LODR Regulations (17(1), 17(2A), 18(1), 19(1)/19(2)) regarding appointment of independent directors and board quorum. GSFC argues that its statutory composition under the State Financial Corporations Act, 1951 does not provide for independent directors, and has repeatedly requested BSE to waive the fine while pursuing amendments to the SFCs Act. The corporation notes no material financial or operational impact, as the fine amount is immaterial relative to its size, but the underlying compliance gap and repeated fines (FY 2026-27) remain unresolved.

• · Fine of ₹9,67,600 is for the quarter ended March 31, 2026 (note: filing says 'March 30, 2026' and 'March 31, 2026' — consistent with quarter-end).
• · Date of receipt of BSE email: May 27, 2026; opened May 29, 2026 (May 28 was a holiday).
• · Specific regulations violated: Regulation 17(1), 17(2A), 18(1), 19(1)/19(2) of SEBI (LODR) Regulations, 2015 — non-appointment of independent directors and quorum of meetings.
• · GSFC is not in top 200 listed companies (hence Regulation 17(2A) is not applicable per its claim).
• · GSFC has been following up on amendments to SFCs Act since December 27, 2021, with no result so far.
• · This is part of 'BSE Non-compliance - FY 2026-27', indicating an ongoing or repeated issue.

29-05-2026

GTT Data Solutions Limited received a fine of ₹1,55,000 (plus GST) from BSE Limited on May 27, 2026, for non-compliance with Regulation 17(1) of the SEBI LODR Regulations, which mandates that at least 50% of the Board must be Independent Directors. The violation occurred after the appointment of an additional Non-Executive Director reduced the proportion of Independent Directors below the threshold. The company has since remediated the issue by appointing Mr. Sai Manik Sud as an Independent Director effective May 26, 2026, restoring full compliance.

• · The fine was imposed under the SEBI Standard Operating Procedure for non-compliance with Listing Regulations (SEBI Circular dated January 22, 2020, as amended, read with SEBI Master Circular dated November 11, 2024).
• · The non-compliance was consequential due to the appointment of an additional Non-Executive Director, not due to resignation or removal of an Independent Director.
• · The company states there is no impact on operations, business, or financial position beyond the monetary fine.
• · The appointment of Mr. Sai Manik Sud as Independent Director was effective May 26, 2026, one day before the fine was received.

29-05-2026

Camlin Fine Sciences reported Q4 FY2026 revenue of INR424 crore (down ~20% due to shipment delays) and full-year revenue of INR1,723 crore. EBITDA was INR21 crore (5% margin). The company saw a gain of ~INR100 crore from liquidation of CFS Europe, but faced raw material cost pressures and a fire incident at Dahej. Blends business grew 17% (18% including discontinued Europe), missing the 20% target due to Vinpai underperformance. Vanillin realizations improved from sub-$11 to over $12.5/kg, with ethyl vanillin orders of 300 MT for Q1.

• · Fire incident at Dahej plant on May 24, 2026; contained with adequate insurance cover.
• · Phenol raw material price increased from INR85/kg to INR150/kg due to geopolitical conflict.
• · Catechol stock sufficient for 8-9 months of vanillin production; hydroquinone to be imported from China.
• · Vanillin average realization improved from sub-$11 to over $12.5/kg in Q4.
• · Customs duty claim of INR9 crore lodged and accepted by authorities.
• · China subsidiary still under liquidation; expected cost next year INR7-8 crore.
• · Employee cost increased due to investments in human capital for Blends business.
• · Vinpai contributed only INR17 crore in last three months vs projection of INR10 crore per month.