Shivalik Bimetal Controls announced the demise of its independent director, Mr. Swarnjit Singh, on September 1, 2026. The company confirmed the cessation of his role effective from the date of death.

The Board of Directors and management expressed their deepest condolences to the bereaved family. Mr. Singh, holding DIN 07409567, served as a Non-Executive Independent Director.

Regulatory Disclosure

The intimation was issued pursuant to Regulation 30(2) and (6) read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The disclosure also references SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, and SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026.

Shivalik Bimetal Controls Limited reported a violation of the Code of Conduct for insider trading involving a designated person and an immediate relative. The company disclosed the breach to stock exchanges on September 1, 2026.

The violation concerns trades executed on August 14, 2026 and August 21, 2026. Mr. Mukesh Kumar Verma, Ex Head of Commercial & Administration, and his son, Mr. Siddharth Verma, were involved in the transactions. The company stated that prior approval for these trades was not obtained.

Transaction Details

The report outlines specific equity share transactions conducted during the period:

The total value of these trades is significantly below the ₹10 lakh threshold that typically triggers immediate reporting under Regulation 7 of the SEBI (Prohibition of Insider Trading) Regulations, 2015. Consequently, no prior intimation was given to the company or exchanges at the time of trade.

Regulatory Compliance

The disclosure was made pursuant to SEBI Circular SEBI/HO/ISD/ISD/CIR/P/2020/135 dated July 23, 2020. This circular mandates listed companies to report violations under the Code of Conduct for Insider Trading by Designated Persons or their immediate relatives.

The company confirmed there have been no previous instances of such violations since the last financial year. No amount has been collected for the code of conduct violation as the action is still pending.

What the Numbers Show

The small scale of the transactions—five shares sold and ten purchased—suggests these may be incidental personal trades rather than significant market movements. However, the failure to obtain prior approval remains a procedural breach of the internal Code of Conduct, regardless of the trade size. The company has not yet determined if any financial penalty will be imposed.

Next Steps

The Audit Committee is currently reviewing the case. The company will intimate the stock exchanges regarding the final action taken once the committee decides. Any potential penalty amount will also be decided at that stage.