Jai Balaji Industries Limited — Important, 11-02-2025: General Updates

The Board of Directors of Jai Balaji Industries Limited addressed fines totaling Rs. 92,000 each from the NSE and BSE for alleged delays in securing shareholder approval for the appointment of an Independent Director over the age of 75. The Board confirmed that they complied with regulations by obtaining approval through a Special Resolution during the annual general meeting held within the required timeframe. They referenced precedent cases where penalties were overturned for similar violations, asserting that prior approval was not mandated. However, they acknowledged that recent regulatory changes now clarify that such approval is indeed necessary at the time of appointment. The company has already paid the fines under protest.