Tirupati Innovar Receives BSE Warning Letter for Multiple Regulatory Violations
Tirupati Innovar Limited received a warning letter from BSE Limited highlighting several regulatory compliance violations during FY 2021-22 and subsequent periods. The violations include missing website links in newspaper publications, delayed disclosures of security confirmations, invalid peer review certificates for auditors, and delayed trading window closure intimation. BSE advised the company to implement corrective measures and exercise due caution to prevent future compliance lapses.
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Tirupati Innovar Limited (formerly Tirupati Tyres Limited) has received a warning letter from BSE Limited dated December 24, 2025, highlighting multiple regulatory compliance violations. The company disclosed this development through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Compliance Violations
The BSE warning letter outlined several specific areas of non-compliance that occurred during the financial year 2021-22 and subsequent periods. These violations span across different regulatory frameworks including SEBI LODR regulations and depository participant regulations.
| Violation Type | Details | Period Affected |
|---|---|---|
| Newspaper Publication | Missing website links in publication | FY 2021-22 |
| Delayed Disclosures | Certificate of security confirmations | June 2021, Dec 2021, Mar 2022 |
| Auditor Certification | Invalid peer review certificates | FY ended March 31, 2022 |
| Trading Window | Delayed closure intimation | September 2021 quarter |
Regulatory Framework Violations
SEBI LODR Regulation Breaches
The exchange identified non-compliance with Regulation 47(2) of SEBI LODR Regulations, 2015, which requires listed entities to provide website links in newspaper publications. Tirupati Innovar failed to include links to both the listed entity's website and stock exchange websites in its newspaper publication during FY 2021-22.
Additionally, under Regulation 33(1)(d) of SEBI LODR, the company's statutory auditors did not hold valid peer review certificates issued by the Peer Review Board of the Institute of Chartered Accountants of India during the financial year ended March 31, 2022.
Depository and Trading Window Issues
BSE noted violations under Regulation 74(5) of SEBI (DP) Regulations 2018, where the company delayed making required disclosures for quarters ended June 2021, December 2021, and March 2022. The regulation mandates issuers to confirm security listings within fifteen days of receiving certificates from participants.
The company also violated Clause 4 of Schedule B of SEBI (PIT) Regulation 2015 by making delayed disclosure regarding trading window closure for the quarter ended September 2021.
BSE Advisory and Corrective Measures
BSE has advised Tirupati Innovar Limited to exercise due caution and implement corrective steps to prevent recurrence of such compliance lapses. The exchange emphasized the importance of due diligence and accuracy while submitting disclosures.
Key recommendations include:
- Ensuring timely and accurate regulatory disclosures
- Maintaining proper documentation and compliance procedures
- Exercising due diligence in all stock exchange submissions
- Implementing systems to prevent future regulatory violations
Board and Disclosure Requirements
The company has been directed to place the warning letter before its Board of Directors in the upcoming board meeting and disseminate the letter to relevant stock exchanges. This regulatory communication was signed by Director Pavankumar Patel (DIN: 10856066) on December 24, 2025.
The warning letter serves as a formal notice for the company to strengthen its compliance framework and ensure adherence to all applicable regulations going forward.
Historical Stock Returns for Tirupati Innovar
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.50% | +3.99% | +2.26% | -17.55% | -36.72% | +167.08% |
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