Olympic Cards Ltd Seeks Waiver of SEBI LODR Compliance Fines Worth Rs. 3.90 Lakh
Olympic Cards Ltd has requested BSE to waive SEBI LODR compliance fines totaling Rs. 3.90 lakh across multiple quarters. The company attributes December 2020 violations worth Rs. 2.46 lakh to COVID-19 disruptions and Company Secretary's death, while contesting December 2024 penalties of Rs. 1.44 lakh by claiming proper compliance within allowed timeframes for Independent Director appointments.
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Olympic Cards Ltd has submitted a detailed clarification to the Bombay Stock Exchange (BSE) requesting waiver of fines imposed for various SEBI LODR (Listing Obligations and Disclosure Requirements) compliance violations. The company is seeking relief from penalties totaling Rs. 3.90 lakh across multiple regulatory breaches spanning different quarters.
December 2020 Quarter Violations
The company is requesting waiver of fines totaling Rs. 2.46 lakh for three regulatory violations during the December 2020 quarter. The penalties were initially levied but have since been waived by BSE, with no residual penalty remaining.
| Regulation | Quarter | Original Penalty (Rs.) | Penalty Waived (Rs.) | Residual Penalty (Rs.) |
|---|---|---|---|---|
| Reg.19(1)/(2) | Dec.2020 | 1,46,320 | 1,46,320 | 0 |
| Reg.7(1) | Dec.2020 | 92,000 | 92,000 | 0 |
| Reg.31 | Dec.2020 | 8,000 | 8,000 | 0 |
Olympic Cards attributed these violations to extraordinary circumstances during the COVID-19 pandemic. The company explained that Mr. N. Mohamed Faizal, Managing Director, was included as an additional member in the Stakeholders Relationship Committee during their Board Meeting held on July 31, 2020, fulfilling the conditions of Regulation 19(2) of SEBI LODR.
COVID-19 Impact on Compliance
The company cited severe disruptions caused by the pandemic, including the prolonged illness and subsequent death of their Company Secretary on February 3, 2021. Due to these circumstances, their staff inadvertently omitted to include the additional member's name in the Stakeholders Relationship Committee in the Corporate Governance report for the December 2020 quarter. The company filed a revised Corporate Governance report on February 19, 2021, including the new member details.
Olympic Cards emphasized that BSE itself had allowed general waiver for quarters from December 2020 to March 2021 due to the COVID-19 pandemic worldwide, supporting their request for relief.
December 2024 Quarter Issues
For the December 2024 quarter, the company is contesting fines totaling Rs. 1.44 lakh under two regulations, arguing that there was no actual non-compliance.
| Regulation | Quarter | Outstanding Penalty (Rs.) | Penalty Waived (Rs.) | Residual Penalty (Rs.) |
|---|---|---|---|---|
| Reg.18(1) | Dec.2024 | 72,000 | 0 | 72,000 |
| Reg.19(1)/(2) | Dec.2024 | 72,000 | 0 | 72,000 |
Defense Against Recent Violations
Olympic Cards defended against the December 2024 penalties by stating they appointed a new Independent Director and filled the vacancy within the allowed period of three months through an Extra-Ordinary General Meeting. The appointment was promptly communicated to BSE, and the company believes this compliance falls under the exemption provided by Sub-Regulation 1(E) of Regulation 17 of SEBI LODR.
The company has already filed waiver petitions on March 24, 2025, and continues to request BSE's consideration for complete waiver of all outstanding fines. The clarification was signed by Managing Director N. Mohamed Faizal and submitted as part of their ongoing dialogue with BSE's listing compliance team.
Historical Stock Returns for Olympic Cards
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +8.36% | +2.76% | -2.30% | -1.97% | -9.70% | +24.69% |
Will Olympic Cards' pattern of SEBI LODR violations impact its ability to raise capital or attract institutional investors in the future?
How might BSE's decision on these waiver requests influence penalty policies for other small-cap companies facing similar compliance challenges?
What governance reforms is Olympic Cards implementing to prevent recurring regulatory violations and strengthen its compliance framework?
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