Zenith Exports Limited Announces Passing of Director Sanjay Kumar Shaw

Zenith Exports Limited has announced the cessation of Mr. Sanjay Kumar Shaw as Director due to his sad demise. The company was informed about his passing by family members on March 6, 2026, and made the disclosure to stock exchanges on March 7, 2026, under Regulation 30 of SEBI (LODR) Regulations, 2015.

Director Details and Tenure

Mr. Sanjay Kumar Shaw (DIN: 08507089) served as a Non-Executive Independent Director of the company. He had been associated with Zenith Exports Limited since August 12, 2019, contributing significantly to the company during his tenure as a member of the Board and various Committees.

Parameter:	Details
Director Name:	Mr. Sanjay Kumar Shaw
DIN:	08507089
Position:	Non-Executive Independent Director
Association Since:	August 12, 2019
Date of Demise:	February 8, 2026
Company Notification Date:	March 6, 2026
Stock Exchange Disclosure:	March 7, 2026

Official Communication Timeline

The company has provided a detailed timeline showing the sequence of events from the director's passing to the regulatory disclosure in its official communication dated March 7, 2026:

Particulars:	Date
Date of demise of the Director:	February 8, 2026
Date on which the Company received information:	March 6, 2026
Date of disclosure to the Stock Exchange:	March 7, 2026

Regulatory Compliance Details

The announcement was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, and SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The company emphasized that the disclosure was made without any delay from the time it became aware of the event.

Compliance Requirement:	Details
Regulation:	SEBI (LODR) Regulations, 2015 - Regulation 30
SEBI Circular:	SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123
Circular Date:	July 13, 2023
Reason for Change:	Cessation due to sad demise

Company's Statement

The company expressed deep sorrow over the loss, describing Mr. Shaw's sudden and unexpected passing as an irreparable loss to the organization. All directors and employees of the company have conveyed their deep sympathy, sorrow, and condolences to his family during this difficult time.

The communication was signed by Anita Kumari Gupta, Company Secretary & Compliance Officer of Zenith Exports Limited, and sent to both the National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.01%	+2.91%	-6.86%	-27.81%	-10.12%	+191.22%

Zenith Exports Limited has successfully addressed its board composition non-compliance issues by appointing two independent directors and is now seeking penalty waivers from both NSE and BSE. The company had earlier received penalty notices totaling Rs 7.91 lakh for violations during the quarter ended December 31, 2025.

Board Appointments and Compliance Achievement

The company has appointed Mrs. Priyanka Poddar (DIN: 10481007) and Mr. Subhajeet Kar (DIN: 07148810) as Non-Executive Independent Directors on March 6, 2026. This appointment follows a diligent selection process undertaken by the company to fill the board vacancies that led to the regulatory non-compliance.

New Appointments	Details
Director 1	Mrs. Priyanka Poddar (DIN: 10481007)
Director 2	Mr. Subhajeet Kar (DIN: 07148810)
Appointment Date	March 6, 2026
Position	Non-Executive Independent Directors

Board's Response to Penalty Notices

The matter was placed before the Board of Directors in their meeting held on March 2, 2026, where directors discussed and took note of the non-compliance issue. The Board acknowledged that the delay in compliance was inadvertent and unintentional, emphasizing that the company made all possible efforts to fill the vacancy.

The Board noted that considering the level of competency, skills, experience and seniority required for the positions, it took reasonable time to identify and finalize potential candidates. Directors emphasized that going forward, prescribed timelines and compliances should be strictly adhered to.

Penalty Structure and Waiver Request

Both exchanges had imposed identical fines on the company for the 67-day non-compliance period during Q3 FY26:

Exchange	Basic Fine (Rs)	GST @ 18% (Rs)	Total Fine (Rs)
NSE	3,35,000	60,300	3,95,300
BSE	3,35,000	60,300	3,95,300
Total Penalty	6,70,000	1,20,600	7,90,600

The company is now in the process of submitting waiver request letters to both stock exchanges, seeking relief from the imposed fines. The penalties were calculated at Rs 5,000 per day for the non-compliance period related to violation of Regulation 17(1) of the SEBI LODR Regulations.

Regulatory Context and Future Compliance

The non-compliance arose from the company's failure to maintain requisite board composition as mandated under Regulation 17(1) of SEBI LODR Regulations, 2015. The company emphasized that the reduction in number of directors was entirely beyond the control of the company, its Board, and its Management, particularly noting that a previous attempt to appoint an independent director was defeated by dissenting shareholders.

With the new appointments, the Board has confirmed that the matter has now been complied with and has advised taking abundant caution in future to ensure timely compliance with listing regulations. The company maintains that there is no material impact on its financials, operations, or other activities due to the resolved non-compliance issue.