BF Utilities paid fines totaling ₹8.85 lakh to National Stock Exchange of India Ltd. (NSE) and BSE Limited for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The penalties, amounting to ₹4.42 lakh each inclusive of GST, were levied for a lapse in the composition of the Board, specifically the failure to appoint an Independent Woman Director under Regulation 17(1). The company confirmed there is no material impact on its financials, operations, or other activities.

The company received the order on May 27, 2026, and the payment was made on May 29, 2026, well ahead of the due date of June 11, 2026. To rectify the compliance lapse, the board appointed Mrs. Mugdha Vartak as a Non-Executive – Independent Woman Director for a period of three years, effective from March 17, 2026, to March 16, 2029. She is not liable to retire by rotation.

Compliance Details

The disclosures were made in compliance with SEBI Listing Regulations and relevant circulars. The management attributed the previous delay in appointing the director to the process of identifying a suitable candidate.

BF Utilities Limited has announced that its members have duly approved the appointment of Mrs. Mugdha Rajesh Vartak as a Non-Executive, Independent Director. The approval came through a Special Resolution passed via a postal ballot e-voting process, which concluded on May 06, 2026. The disclosure was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on May 07, 2026.

Appointment Details

Mrs. Mugdha Rajesh Vartak (DIN: 11613408) has been appointed as an Additional, Non-Executive, Independent Director of the Company, not liable to retire by rotation, with effect from March 17, 2026. She is a strategic HR leader with over 20 years of experience across IT, Consulting, Automotive, and Education sectors. Mrs. Vartak holds an Executive MBA in Strategic HR Management from IIM Calcutta and is an IRCA certified ISO 9001:2015 Lead Auditor.

E-Voting Summary

The postal ballot process saw participation from shareholders determined as of the cut-off date, March 31, 2026. The e-voting period commenced on April 07, 2026, and concluded on May 06, 2026. The resolution was passed with the requisite majority during this period.

Governance and Disclosures

The Company confirmed that Mrs. Vartak is not related to any other Director or Key Managerial Personnel on the Board and is not debarred from holding the office of a Director by any SEBI order or other authority. The detailed voting results and the Scrutinizer's Report have been filed with the Stock Exchanges and are available on the Company's website and the NSDL e-voting portal.