M Tek Copper pays ₹3.77 lakh penalty to NSE for board non-compliance

M Tek Copper Ltd paid a penalty of ₹3,77,600 to the National Stock Exchange of India Limited (NSE) for failing to comply with board composition norms within the stipulated timeframe. The fine was levied for a violation of Regulation 17(1)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates the constitution of the Board of Directors. The penalty amount included a base fine of ₹5,000 per day plus 18% GST for a delay of 64 days.

The non-compliance occurred during the period from March 17, 2026, to May 21, 2026, when the company had fewer than six directors on its Board. M Tek Copper had received a communication from the NSE on July 08, 2026, regarding the delay in compliance for the consecutive quarters ended March 31, 2026, and June 30, 2026. Following the notice, the company had submitted that necessary steps were being taken to appoint directors to properly constitute the Board.

Consequently, M Tek Copper filed waiver applications before the NSE requesting a waiver of the levied penalties. However, the exchange rejected these waiver applications. As a result, the company was obligated to pay the specified penalty within the stipulated time frame, which was on or before July 18, 2026.

The company confirmed that it has paid the applicable penalties as advised by the NSE on July 18, 2026. The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI LODR Regulations and the SEBI Circular bearing reference no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Details of the Penalty

The following table outlines the particulars of the action taken and the payment made by the company:

Sr. No.	Particulars	Details
1.	Name of the authority	National Stock Exchange of India Limited (NSE)
2.	Nature of details of the action(s) taken or order(s) passed	Imposition of fine/penalty under SOP Circular for non-compliance with Reg 17 (1)(c). Fine of ₹5,000 per day (plus GST@ 18%) for a delay of 64 days. Total fine payable ₹3,77,600.
3.	Date of receipt of communication	July 08, 2026
4.	Details of the violation(s) committed	Composition of less than Six directors on Board during period March 17, 2026 to May 21, 2026, delay of 64 days violating Regulation 17(1)(c) of SEBI LODR.
5.	Impact on financial, operation or other activities	For Regulation 17 (1)(c) Fine of ₹5,000 per day (plus GST@ 18%) delay of 64 days total fine payable ₹3,77,600.
6.	Period for which communication would be applicable	For Regulation 17(1)(c) during period March 17, 2026 to May 21, 2026, delay of 64 days
7.	Due Date of Payment	On or before July 18, 2026
8.	Details of Payment made	Date of Payment: 18-07-2026

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.84%	+1.18%	-3.13%	-37.98%	+3.39%	+29.84%

M Tek Copper Limited has dispatched the postal ballot notice for seeking shareholder approval on director appointments via electronic mode and published advertisements in newspapers. The notice was published in "Financial Express" and "Sandesh" on July 11, 2026, as confirmed in a regulatory filing. The company has informed the National Stock Exchange regarding the completion of the electronic dispatch of the notice in compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Resolutions for Approval

The postal ballot process seeks shareholder consent for two key resolutions. The first resolution concerns the re-appointment of Mr. Jaysukh Bhanabhai Dabhi (DIN: 09177201) as a Non-Executive Independent Director. His term expired on May 18, 2026, and the Board has recommended his re-appointment for a term of five years from May 19, 2026, to May 18, 2031. This resolution requires a special resolution.

The second resolution seeks approval for the appointment of Mr. Chintan Bhadiyadra (DIN: 11729188) as a Non-Executive Non-Independent Director. He was initially appointed as an Additional Director on May 21, 2026, and this appointment is subject to shareholder approval and will be liable to retire by rotation. This resolution requires an ordinary resolution.

E-Voting Schedule and Eligibility

The remote e-voting period is scheduled from July 13, 2026, at 9:00 a.m. IST to August 11, 2026, at 5:00 p.m. IST. Shareholders whose names appear in the Register of Members or List of Beneficial Owners as of July 3, 2026, are eligible to participate. The company has engaged National Securities Depository Limited (NSDL) to facilitate the e-voting process, which is the sole method available for members to cast their votes.

Scrutiny and Results

The Board has appointed CS Ranjit Kumar Singh of M/s. Ranjit & Associates as the Scrutinizer to oversee the voting process. The scrutinizer will submit a report to the Chairperson upon completion. The results of the postal ballot will be announced within two working days of the conclusion of the e-voting period and will be communicated to the Stock Exchange and displayed on the company's website.