Independent Director Shrikrishna K. Adivarekar ceased to be a director of bf utilities on May 29, 2026, following the completion of his second term of office. His departure from the board took effect at the close of business hours on May 29, 2026. Consequently, he has stepped down from his roles as Chairman of the Audit Committee and Nomination and Remuneration Committee, as well as from his membership in the Stakeholders Relationship Committee and Risk Management Committee.

The re-appointment of Mr. S. K. Adivarekar for a second term of three consecutive years was approved by shareholders at the 22nd Annual General Meeting held on September 29, 2022. This term was effective from May 30, 2023, until May 29, 2026. The company disclosed this information pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The cessation was attributed to the completion of his second term as an Independent Director. Mr. Adivarekar's Director Identification Number (DIN) is 06928271, and his IDDB Registration Number is IDDB-DI-202002-012411. The company confirmed that no brief profile or relationship disclosures were required as the change was due to the natural end of his tenure rather than a new appointment.

Details of Change

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.