Polychem Limited has received approval from BSE for the full waiver of a Rs 1,98,240 fine that was imposed for alleged regulatory non-compliance. The company announced this development through an official communication dated April 16, 2026, marking the successful resolution of a disputed penalty case.

Fine Waiver Approval Details

BSE communicated its decision through an email dated April 16, 2026, informing Polychem Limited that the company's application for fine waiver had been placed before the relevant exchange authority. The authority subsequently approved the company's request for complete waiver of the penalty.

Background of the Penalty

The original fine was levied by BSE for alleged non-compliance with Regulation 19(1)/19(2) of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The penalty specifically related to the composition of the Nomination and Remuneration Committee for the quarter ended March 31, 2025.

Company's Position and Response

Polychem Limited had consistently disputed the fine, maintaining that it was fully compliant with the regulatory requirements. The company clarified that its Nomination and Remuneration Committee comprised three members throughout the quarter, as disclosed in the Composition of Committees section of the Integrated Governance Report available on the BSE website.

The company received the initial fine notice on May 29, 2025, and filed the waiver application on June 6, 2025, after providing detailed clarifications to the stock exchange regarding its compliance status.

Regulatory Compliance Framework

Financial Impact Assessment

According to the company's disclosure, there was no material impact of the fine on its financial, operational, or other business activities. The successful waiver eliminates any potential financial burden from this regulatory matter.

This development demonstrates the importance of proper regulatory compliance documentation and the effectiveness of formal dispute resolution mechanisms available through stock exchanges for listed companies.

Polychem Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31st March, 2026. The submission was made to the Bombay Stock Exchange on 06th April, 2026.

Regulatory Compliance Certificate

The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), which serves as the registrar and share transfer agent for Polychem Limited. The document confirms compliance with dematerialisation processes during the fourth quarter of fiscal year 2026.

Certificate Confirmation Details

MUFG Intime India Private Limited confirmed that all securities received from depository participants for dematerialisation during Q4FY26 were properly processed. The registrar verified that:

• Securities received for dematerialisation were confirmed or rejected to depositories within prescribed timelines
• All security certificates were mutilated and cancelled after due verification by depository participants
• Names of depositories were substituted in the register of members as registered owners
• Securities comprised in certificates have been listed on stock exchanges where earlier issued securities are listed

Corporate Information

Polychem Limited, incorporated in 1955, operates from its registered office at Jamshedji Tata Road, Churchgate Reclamation, Mumbai. The company's compliance officer, Deepali V Chauhan, signed the submission letter confirming receipt of the certificate from the registrar.

Regulatory Framework

The certificate submission fulfills requirements under SEBI (Depositories and Participants) Regulations, 2018, which mandate quarterly confirmations regarding dematerialisation processes. This ensures transparency and proper record-keeping in securities handling and depository operations.