Panchmahal Steel paid a fine of Rs 1,32,160 to BSE for failing to comply with regulations regarding the constitution of its Nomination and Remuneration Committee. The penalty, inclusive of GST, was imposed for a violation that occurred during part of the quarter ended March 31, 2025. The company has settled the amount, confirming that the incident does not have a quantifiable impact on its financial or operational activities.

The exchange rejected the company's request for a waiver of the fine. BSE's Internal Regulatory Oversight and Review Group issued a Regret Letter via email on July 20, 2026, upholding the penalty. The communication required the company to pay the amount within 10 days of the intimation date.

Details of the Violation

The non-compliance pertains to Regulation 19(1) and 19(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These regulations mandate the proper constitution of the Nomination and Remuneration Committee. The failure was observed for a specific period within the quarter ended March 31, 2025.

The disclosure was made to the exchange on July 21, 2026, under Regulation 30 of the SEBI Listing Regulations. Deepak Nagar, AVP (Legal) & Company Secretary, signed the filing on behalf of Panchmahal Steel.

Panchmahal Steel Ltd received orders from the Deputy Commissioner of State Tax, Appeal-5, Vadodara on July 13, 2026, concerning appeals filed under the CGST/SGST Act, 2017. The orders address the disallowance of Input Tax Credit during the tax period from July 1, 2017, to March 31, 2018. The company stated that there is no material impact on its financials or operations as a result of these orders.

The first order, related to Appeal ARN No. AD240324058081I dated March 14, 2024, was partially allowed. This appeal was against an order issued by the Assistant Commissioner of State Tax, Unit-46, Range-12, Division-5, Vadodara under Section 73 of the CGST/SGST Act. The total demand in this case was Rs. 79,18,336, but relief of Rs. 76,92,015 was granted, leaving a pending demand of Rs. 2,26,321.

The second order, related to Appeal ARN No. AD240722008501M dated July 22, 2022, was rejected. This appeal was against an order issued by the State Tax Officer, Unit-46, Range-12, Division-5, Vadodara under Section 74 of the CGST/SGST Act. The total demand of Rs. 31,62,776 was upheld with no relief granted to the appellant.

Financial Impact and Next Steps

The company disclosed that the orders are appealable and it is currently reviewing both orders to evaluate the next steps. The following table summarizes the financial implications of the orders:

The disclosure was submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Deepak Nagar, AVP (Legal) & Company Secretary, signed the intimation on behalf of Panchmahal Steel Limited.