BF Utilities has paid a penalty of ₹1,53,400 to the Bombay Stock Exchange (BSE) for failing to submit its consolidated financial results for the quarter ended June 30, 2026, within the stipulated timeline.

The company disclosed the payment in a filing dated September 16, 2026, stating that the non-compliance was due to delays in receiving unaudited financial results from its subsidiaries, Nandi Infrastructure Corridor Enterprise Ltd (NICE) and Nandi Economic Corridor Enterprises Ltd (NECE).

Regulatory Action Details

The BSE levied the fine under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The penalty amount includes Goods and Services Tax (GST).

BF Utilities had previously informed stock exchanges via a letter dated August 14, 2026, regarding the reason for the delay in submitting its consolidated financial results. The company stated that there was no delay or default in paying the fine once it was imposed.

Operational Impact

The company clarified that the penalty has no material impact on its financials, operations, or other activities. The filing was signed by Pragati S. Rai, Company Secretary of BF Utilities Limited.

BF Utilities has initiated a postal ballot process to seek shareholder approval for the appointment of Ajay Charuchandra Kirtane as a non-executive, independent director. The board approved his initial appointment on September 7, 2026, subject to this final ratification by members.

The proposed term spans five consecutive years, running from September 7, 2026, until September 6, 2031. Mr. Kirtane will not be liable to retire by rotation during this period. His appointment aligns with the recommendations of the company’s Nomination and Remuneration Committee (NRC).

Key Dates and Voting Details

Shareholders can cast their votes electronically through the National Securities Depository Limited (NSDL) platform. The voting window is strictly defined, with specific cut-off dates determining eligibility.

Only members registered in the Register of Members or the Register of Beneficial Owners as of the record date are eligible to vote. The company is sending the ballot notice exclusively via electronic mode to registered email addresses, in compliance with Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI) circulars.

The Electronic Voting Event Number (EVEN) assigned for this process is 143092. The e-voting module will be disabled by NSDL immediately after the conclusion of the voting period on October 17, 2026.

Director Profile and Expertise

Mr. Kirtane brings over 34 years of experience in financial management, debt syndication, mergers and acquisitions, and private equity. He is a qualified Cost & Works Accountant and served as the founder and associate member of the management consultancy firm Shah & Kirtane, from which he retired on March 31, 2025.

The NRC identified his expertise in financial management and corporate consultancy across engineering, infrastructure, real estate, and auto component sectors as valuable additions to the board’s strategic capabilities. He holds no shares in BF Utilities and is not related to any other director or key managerial personnel of the company.

Governance and Compliance

The appointment follows Section 149, 150, 152, and 161(1) of the Companies Act, 2013, along with Regulation 17 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. Mr. Kirtane has submitted all necessary statutory disclosures, including a declaration of independence under Section 149(6) of the Act and confirmation that he is not debarred from accessing capital markets.

M/s. SVD & Associates, Company Secretaries, have been appointed as scrutinizers to oversee the e-voting process. Specifically, Mr. Sridhar Mudaliar (Membership No. FCS 6156), failing him, Mrs. Sheetal Joshi (Membership No. FCS 10480), Partners of M/s. SVD & Associates, will scrutinize the e-voting process. The results will be uploaded to the company’s website and the stock exchanges within two working days of the voting conclusion.