Kalyani Steels Limited has disclosed that it received emails from both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) regarding non-compliance with Regulation 17(1) of the Listing Regulations concerning board composition. The company was fined a total of approximately ₹28.20 lakhs (inclusive of GST) for the quarters ending December 31, 2025, March 31, 2026, and June 30, 2026. Kalyani Steels has since appointed two Independent Directors and paid the imposed fines.
Board Composition Non-Compliance Leads to Fines
Kalyani Steels Limited announced that it has been subject to fines from both the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE). The regulatory action stems from non-compliance with Regulation 17(1) of the Listing Regulations, specifically concerning the composition of the company’s Board of Directors. This issue pertained to the quarters ending December 31, 2025, March 31, 2026, and June 30, 2026.
Financial Impact of Non-Compliance
As a consequence of the non-compliance, NSE levied a fine of Rs. 1,292,100/-, while BSE imposed a fine of Rs. 1,528,100/-. Both amounts are inclusive of Goods and Services Tax (GST). The total aggregate fine amounts to approximately Rs. 28,20,200/-. The company confirmed that these fines were paid on August 26, 2026, the same day this disclosure was made.
Corrective Actions Taken
The company has taken steps to rectify the situation. Kalyani Steels has appointed Mr. Shishir Joshipura as an Independent Director, effective from May 8, 2026, and Mrs. Vartika Shukla, also as an Independent Director, effective from June 24, 2026. The company stated that the financial impact of this non-compliance on its overall operations is not ascertainable at this point.
Source: BSE
