SMS Pharmaceuticals Limited — Important, 18-03-2025: General Updates

BSE Limited and National Stock Exchange of India Ltd have imposed daily fines of ₹2,000 for non-compliance with Regulation 19(1)(c) regarding the composition of the Nomination and Remuneration Committee, resulting in a total fine for the period from October 1, 2024, to November 7, 2024. The oversight occurred during the reconstitution of the committee, where an error led to the inclusion of an extra Non-Executive Director. However, no meetings were held, and no decisions were made during this time, mitigating any material impact on the company.

The committee has since been realigned to meet compliance requirements as of November 8, 2024. While the company has paid the previous fines imposed, it will consider applying for waivers for the current fines as well. The financial impact of these penalties on operations is not considered significant. The company is committed to maintaining compliance with all applicable regulations.