Akshar Spintex pays ₹4.72 lakh penalty to NSE after waiver rejection
Akshar Spintex Limited paid ₹4,71,960 to NSE on May 13, 2026, following rejection of waiver applications for non-compliance with SEBI LODR Regulations 17(1)(c) and 6, relating to Board composition and Company Secretary appointment. The total penalty including GST was ₹5,15,660, with ₹43,700 deducted as TDS. The company cited shareholder non-approval and recruitment challenges as reasons for the violations.
*this image is generated using AI for illustrative purposes only.
Akshar Spintex Limited has disclosed that it has paid penalties totaling ₹4,71,960 to the National Stock Exchange of India (NSE). The company received the penalty communication on May 05, 2026, and the payment was made on May 13, 2026, after the exchange rejected the company's waiver applications regarding specific non-compliances.
Non-Compliance Details
The company received notices from the NSE for failing to comply with Regulation 17(1)(c) and Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The first violation related to the non-constitution of the Board of Directors within the prescribed limit, while the second concerned the non-appointment of a qualified Company Secretary as Compliance Officer within the stipulated time.
Regarding the Board composition, the company stated that proposed appointments could not be effected due to non-approval by shareholders. For the position of Company Secretary, the company cited challenges in identifying a suitable candidate despite publishing advertisements in three newspapers.
Penalty Breakdown
The NSE imposed fines based on the duration of the delays. The total penalty amount, including GST, was initially calculated at ₹5,15,660. However, the final payment made by the company was ₹4,71,960 after a Tax Deducted at Source (TDS) amount of ₹43,700. The following table summarises the violation periods and applicable fines:
| Regulation | Violation Period | Delay Duration | Fine Rate | Fine Amount (excl. GST) |
|---|---|---|---|---|
| Regulation 6 | September 30, 2025 to October 18, 2025 | 17 days | ₹1,000 per day | ₹17,000 |
| Regulation 17(1)(c) | November 25, 2025 to February 18, 2026 | 84 days | ₹5,000 per day | ₹4,20,000 |
Payment Status
The company was required to pay the penalty on or before May 15, 2026. Akshar Spintex confirmed that it discharged this obligation on May 13, 2026, via transaction UTR NO: SIBLE00066131477. The disclosure, signed by Harikrushna S. Chauhan, Chairman cum Whole Time Director, noted that the company has not received any correspondence from BSE Ltd regarding these matters.
Historical Stock Returns for Akshar Spintex
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -2.00% | +4.26% | -12.50% | -18.33% | -92.22% |
Will Akshar Spintex successfully appoint a qualified Company Secretary and reconstitute its Board of Directors within regulatory timelines to avoid future SEBI penalties?
Could repeated non-compliance with SEBI listing regulations impact Akshar Spintex's ability to raise capital or maintain investor confidence in the near term?
Is BSE likely to issue similar penalty notices to Akshar Spintex for the same regulatory violations, potentially doubling the company's compliance costs?
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