Akshar Spintex Pays Penalties After NSE Rejects Waiver Request Over SEBI LODR Violations

Akshar Spintex Limited has disclosed to the Manager (Listing Department) of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) that it had filed an application before the NSE seeking the waiver of penalties imposed on it for non-compliance of the following provisions of the SEBI LODR Regulations, particularly Regulation 17(1)(c) and Regulation 6. However, the same had been rejected.

The provisions of Regulation 17(1)(c) relate to the non-formation of the Board of Directors within the statutory time limit prescribed under the law. Similarly, Regulation 6 is the non-hiring of an eligible Company Secretary as Compliance Officer within the prescribed time limit.

In the context of Regulation 17(1)(c) non-compliance, the company had previously claimed that it would take all the necessary steps to make an appointment of Directors for a successful formation of the Board. However, it failed at making the appointment, as shareholders refused to grant approval; hence, the company claimed this non-compliance was not under its control.

Similarly, in relation to Regulation 6 non-compliance, the company claimed that it had faced several challenges in selecting a suitable qualified candidate to be placed in the roles of Company Secretary and Compliance Officer. For this purpose, the company had also published advertisements in three distinct newspapers seeking applications for the said role to ensure timely compliance. However, it could not find the perfect eligible holder within the prescribed time limit.

In conclusion, the concerned authorities imposed certain penalties on the company. Presently, the company has sought a waiver of these penalties, giving the aforesaid reasons behind the non-compliances. However, the application has been rejected. Meaning, the company was still liable to pay the imposed penalty amount on or before May 15, 2026. Currently, the company has paid all the penalty amount to the concerned authorities as suggested by the NSE.

The company has disclosed the aforesaid information through an Intimation dated May 14, 2026, in pursuance of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.