Valiant Organics Limited — Important, 13-11-2024: General Updates

The Board of Valiant Organics discussed the recent fine levied for non-compliance related to Regulation 17(1A) of SEBI’s Listing Regulations. They highlighted that the non-compliance was unintentional and deemed the fine inappropriate due to a lack of consideration for related provisions in both the SEBI regulations and the Companies Act. The Board emphasized that they sought member approval within the stipulated timeframe, fulfilling the necessary legal requirements. Additionally, they have requested a waiver of the penalty, an extension on the levying of any additional penalties until member approval is obtained, and a refund of the penalty already paid. The company will also seek legal guidance to clarify any ambiguities in compliance obligations.