Gujarat State Financial Corporation has announced a Board of Directors meeting scheduled for February 13, 2026, to review and approve its unaudited financial results for the third quarter of fiscal year 2026.

Board Meeting Details

The corporation issued an official notice on January 29, 2026, informing BSE Ltd about the upcoming board meeting. The meeting will be held in Gandhinagar and will focus on considering and taking on record the unaudited financial results for the quarter and nine months ended December 31, 2025.

Regulatory Compliance

The meeting notification was issued in accordance with Regulations 29(1)(a), 30, and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This demonstrates the corporation's commitment to maintaining transparency and adhering to regulatory requirements for listed entities.

Corporate Information

Gujarat State Financial Corporation operates under the State Financial Corporations Act, 1951, and maintains its secretarial operations from the first floor of Udyog Bhavan, Sector-11, Gandhinagar. The notice was signed by Raveendran Nair, Secretary (Board), and has been made available on the corporation's website under the Investor Relations section.

Investors and stakeholders can access the meeting intimation and related information through the corporation's official website at www.gsfc.gujarat.gov.in under the Investor Relations - Notice section.

Gujarat State Financial Corporation (GSFC) has been fined Rs. 11,800 by the Bombay Stock Exchange (BSE) for non-compliance with corporate governance requirements for the quarter ended September 30. The fine specifically relates to the absence of Independent Directors on the company's Board of Directors and its Committees.

Non-Compliance Details

The BSE imposed the fine based on the following non-compliances:

GSFC's Response

GSFC has contested the fine, citing the following reasons:

1. Governing Act: The corporation's Board constitution is governed by the State Financial Corporations Act, 1951, which doesn't provide for Independent Directors.

2. Ongoing Amendment Process: GSFC has requested amendments to the State Financial Corporations Act, 1951, to align it with SEBI (LODR) Regulations, 2015.

3. Inapplicability of Certain Regulations: The corporation argues that Regulation 17(2A), which requires a specific quorum including at least one independent director, is not applicable to GSFC as it's not among the top 2000 listed entities.

4. Waiver Request: GSFC has requested BSE to waive the fine until the State Financial Corporations Act, 1951, is suitably amended.

Implications

This situation highlights the challenges faced by statutory corporations in complying with newer corporate governance norms when their constitution is governed by older acts. It also underscores the need for harmonization between various regulatory frameworks to ensure smooth corporate governance across different types of entities.

As the matter remains unresolved, investors and stakeholders of GSFC should keep a close watch on further developments, including potential amendments to the State Financial Corporations Act, 1951, and BSE's response to the waiver request.