Balmer Lawrie & Co Ltd has appointed Sushil Dugar as Senior Vice President (Digital Transformation and New Initiatives) effective June 17, 2026. The appointment, disclosed to the stock exchanges, follows a change in his role from Officer on Special Duty. This strategic move is aimed at strengthening the company's future prospects through digital initiatives.

The appointment was made in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company informed the exchanges that the change in senior management was effective immediately.

Sushil Dugar will head Digital Transformation & New Initiatives, a key area identified for the company's growth. His tenure as Senior Vice President is set for a term ending December 31, 2031, which spans a period of 66 months.

The disclosure was submitted by Kavita Bhavsar, Company Secretary and Compliance Officer of Balmer Lawrie & Co Ltd. The filing confirmed that the appointment falls under the definition of Senior Management as per Regulation 16(1)(d) of the Listing Regulations.

Appointment Details

Balmer Lawrie & Co. Ltd. was fined ₹7,50,480 by National Stock Exchange of India Limited for non-compliance with Listing Obligations and Disclosure Requirements Regulations during the quarter ended March 31, 2026. The penalty, inclusive of GST, was levied due to lapses in the composition of its Board of Directors and related committees. The company disclosed that the violations occurred because it lacked an Independent Director, Woman Director, and Independent Woman Director between March 28 and March 31, 2026.

The exchange communicated the fine via email on June 1, 2026, citing contraventions of Regulations 17(1), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Specifically, the Board did not comprise at least 50% Non-Executive Directors due to insufficient numbers of Independent and Non-Executive Directors. Consequently, the company failed to meet requirements regarding board composition and committee mandates during the specified period.

Additionally, the filing revealed that all members of the Nomination and Remuneration Committee were not Non-Executive Directors from January 1, 2026, to March 17, 2026. This occurred because the company had only two Non-Executive Directors on its Board during that timeframe, violating Regulation 19(1)(b).

Balmer Lawrie & Co. Ltd. stated that no immediate financial or operational impact is expected beyond the payment of the fine amount. The company attributed the non-compliance to its status as a Central Public Sector Enterprise under the Ministry of Petroleum & Natural Gas. It noted that Article 7A of its Articles of Association grants the President of India the authority to appoint directors, meaning board composition depends on administrative ministry directions. The company has made representations to National Stock Exchange of India Limited for a waiver of the fine, arguing the factors were beyond its control.