Kirloskar Industries Limited has been fined Rs 2,360 by the National Stock Exchange (NSE) for delayed compliance with regulatory requirements. The penalty relates to non-compliance with Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended December 31, 2025.

Fine Details and Breakdown

The NSE issued notice number NSE/LIST-SOP/FINES/0155 dated February 13, 2026, outlining the penalty structure. The fine breakdown is as follows:

The fine is calculated at Rs 2,000 per day for one day of non-compliance with Regulation 31(1) for the quarter ended December 31, 2025.

Company's Response and Actions

Following receipt of the NSE notice, Kirloskar Industries took immediate steps to address the matter. The company submitted a waiver application to NSE on February 20, 2026, requesting waiver of the imposed fine.

The board of directors was formally briefed on the NSE notice during their meeting held on March 11, 2026. The board was informed about:

• The notice issued by NSE
• Actions taken by the exchange
• Steps taken by the company in response

The board of directors took note of all these developments and the company's handling of the situation.

Regulatory Framework and Consequences

The NSE notice referenced the Master Circular specifying Standard Operating Procedure for imposing fines and suspension of trading in case of non-compliance with listing regulations. The exchange warned of potential escalatory actions if the fine is not paid within 15 days, including:

• Freezing of entire shareholding of promoters in the company and other securities
• Shifting trading in company securities to 'Trade for Trade' basis (Z Category) for consecutive defaults

Waiver Application Process

For companies seeking fine waiver, NSE has established specific parameters. The waiver application must be submitted through the NEAPS portal under Compliance > Fine Waiver > Waiver Request. Key requirements include detailed reasons for waiver request and achieving compliance as a prerequisite for processing the application.

A non-refundable processing fee of Rs 10,000 plus 18% GST applies only if the fine amount exceeds Rs 5,000 exclusive of GST. In this case, since the base fine is Rs 2,000, no processing fee would be applicable.

Source: None/Company/INE250A01039/3dd88866-005b-4098-afd5-02a9b481e35a.pdf

Kirloskar Industries Limited has announced a key corporate appointment within its subsidiary structure. The Board of Directors of Avante Spaces Limited, a wholly-owned subsidiary of Kirloskar Industries Limited, approved the appointment of Mrs. Ashwini Mali as Company Secretary effective 11 March 2026.

Appointment Details

The appointment was formalized during the Board meeting of Avante Spaces Limited held on 11 March 2026. Mrs. Mali will serve as Company Secretary of the subsidiary while continuing her role as Company Secretary of the parent company, Kirloskar Industries Limited.

Professional Background

Mrs. Ashwini Mali brings extensive experience to her new role. At 50 years of age, she has been associated with the Kirloskar Group since 2006 and has served as Company Secretary of Kirloskar Industries Limited since 2014.

Qualifications and Experience

• Commerce graduate (B.Com.)
• Bachelor of Laws (LLB) degree
• Associate member of The Institute of Company Secretaries of India (ACS 19944)
• Significant experience in corporate secretarial practices, corporate governance, and regulatory compliance

Additional Directorships

Mrs. Mali currently holds directorships in multiple companies within the group structure:

• Binaza Consult Private Limited
• Kirloskar Solar Technologies Private Limited
• Paragon Greensutra Private Limited

Regulatory Compliance

The appointment has been communicated to stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates disclosure of material events and information that could impact investor decisions.

The dual role appointment reflects the company's strategy to leverage experienced personnel across its subsidiary operations while maintaining strong corporate governance standards. Mrs. Mali's extensive experience with the Kirloskar Group and regulatory compliance expertise positions her well to oversee the secretarial functions of Avante Spaces Limited.