Global Vectra Helicorp Ltd has reported ongoing non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates a minimum of six directors on the board. The National Stock Exchange of India (NSE) issued multiple notices and imposed fines for the quarters ended June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, and March 31, 2026. The exchange also issued reminders regarding the potential freezing of promoters' holdings due to the continued non-compliance.

The company stated that the inability to appoint a sixth director stems from mandatory Civil Aviation requirements. As a Non-Scheduled Operator Permit (NSOP) holder under the Aircraft Act, 1934, and Aircraft Rules, 1937, Global Vectra requires security clearance from the Ministry of Home Affairs for any new director appointment. The company asserts that the non-compliance is not deliberate and falls under "impossibility of compliance" due to circumstances beyond its control.

In response to the notices, Global Vectra submitted an online application via the esahaj portal for the security clearance of Mr. Hemang Ravi Rishi, who is proposed as a director. The application, numbered E20250130419, was submitted on November 4, 2025. The company has requested the exchanges to represent its difficulties to SEBI and waive the imposed fines, citing the pending clearance process.

Correspondence and Fines

The company engaged in extensive correspondence with the NSE throughout 2024 and 2026, explaining the status of the sixth director and confirming that no panel actions, such as imposing fines, were applicable in specific instances. However, fines were levied for several quarters. For the quarter ended September 30, 2024, a fine of ₹5,42,800 was proposed.

Waiver Application Details

Global Vectra paid a processing fee of ₹11,800 on January 8, 2025, to support a waiver application for the fines. The payment was made via IndusInd Bank Ltd using UTR number INDBH08016112974.

The company continues to take steps to expedite the security clearance process to rectify the board composition.

[Global Vectra Helicorp](global vectra helicorp) reported a net loss of ₹3,228.84 lakh for the financial year ended March 31, 2026, resulting in a negative net worth of ₹810.31 lakh. The company's total income from operations for the year stood at ₹57,675.47 lakh, a decrease from ₹59,366.69 lakh in the previous year. The Board of Directors approved the audited financial results on May 27, 2026, confirming the use of the going concern basis of accounting despite the financial headwinds. Current liabilities exceeded current assets by ₹27,576.95 lakh as of March 31, 2026.

Financial Performance Overview

For the quarter ended March 31, 2026, the company recorded a net loss of ₹558.74 lakh. Total income from operations for the quarter was ₹16,526.13 lakh. The company reported an exceptional item of ₹156.39 lakh related to the impact of New Labour Codes, which revised the definition of wages and expanded social security benefits. Other income for the year included a write back of balances payable to related parties amounting to ₹3,396.44 lakh.

The following table summarizes the key financial metrics for the current and previous years:

Operational and Strategic Measures

The company attributed the losses to external factors such as supply chain disruptions, contractual penalties, and currency depreciation. In response, management has implemented operational improvements, including the induction of a standby aircraft and consignment stock arrangements with Original Equipment Manufacturers (OEMs). Additionally, the company is arranging External Commercial Borrowings and enhancing working capital credit facilities to strengthen liquidity. The Board stated that materially improved contract values on a going-forward basis are expected to contribute significantly to revenue and profitability.