Garware Technical Fibres confirmed receiving notices from BSE and NSE imposing a fine of ₹2.75 lakh plus GST each for non-compliance concerning the Board composition during a part of the quarter ended December 31, 2025. This stemmed from having fewer than six Directors and lacking a woman Independent Director temporarily. However, the company announced that the fine has been waived by NSE following an application, rendering payment unnecessary.
Regulatory Compliance Disclosure
Garware Technical Fibres Limited issued a formal disclosure regarding enforcement actions taken by the stock exchanges. The company received notices from the BSE Limited and the National Stock Exchange of India Limited (NSE) concerning a contravention of continuous listing regulations for the quarter ended December 31, 2025.
Details of Non-Compliance
The specific non-compliance cited involved the company having less than six Directors and temporarily not having a woman Independent Director during a portion of the specified quarter. This situation arose due to the completion of the second term by Ms. Malika Sagar as an Independent Director on August 28, 2025.
Furthermore, the delayed appointment of Ms. Kirti Dharmesh Mangwani as a Non-Executive Independent Director was cited. Her appointment was effective from November 25, 2025, pending prior approval from the Director General of Civil Aviation (DGCA), which was sought promptly on May 19, 2025.
Imposed Fine and Subsequent Waiver
The BSE and NSE each imposed a fine amounting to Rs. 2,75,000/- plus GST on the company for this lapse. In response, the company had filed an application seeking a waiver for the fines concerning the quarters ending September 30, 2025, and December 31, 2025.
Garware Technical Fibres confirmed that on February 16, 2026, it received approval from the NSE for the waiver of fines relating to the relevant regulations for both quarters. Consequently, the company stated that the levied fine under the BSE Notice and NSE Notice shall not be required to be paid, and appropriate responses will be sent to the exchanges.
Impact Assessment
The company explicitly confirmed that there is no impact on the financial, operational, or other activities of Garware Technical Fibres resulting from this event.
Source: BSE
