Gujarat State Financial Corporation — Important, 01-09-2025: Company Update

Gujarat State Financial Corporation (GSFC) has been fined Rs. 0.119 Cr by BSE for non-compliance with corporate governance requirements. The fines primarily stem from the absence of Independent Directors on its Board and various committees. GSFC clarifies its Board's constitution is governed by the State Financial Corporations Act, 1951, which conflicts with current SEBI regulations. The company has engaged with authorities since 2021 to amend the Act for alignment and has consistently sought waivers for these penalties. GSFC specifically disputes an Rs. 11,800 fine related to board meeting quorum, arguing it is not applicable as they are not among the top 2000 listed entities.