International Conveyors Limited — Important, 10-12-2024: Updates

The Board of International Conveyors Limited has addressed the penalties imposed by the NSE and BSE for alleged non-compliance regarding Board Composition. After reviewing the situation, the Board acknowledged that while there was a delay, it was unintentional and due to the significant qualifications needed for filling the vacancy. They stressed the importance of adhering to timelines moving forward and confirmed compliance with Regulation 17(1) as of November 13, 2024. The Board plans to apply for a waiver of the imposed penalty, expressing confidence that the exchanges will recognize the Company’s commitment to compliance. This highlights management's proactive approach to governance and regulatory adherence, suggesting a positive outlook for future compliance efforts.