Bombay Dyeing Calls BSE, NSE Fines 'Improper'

Thu, 20 March 2025

13:36

Textile major Bombay Dyeing and Manufacturing Company is contesting fines levied by the NSE and BSE for allegedly not securing a special resolution from shareholders prior to the appointment of an independent director who had reached the age of 75.

In a letter addressed to both stock exchanges, dated March 19, the company informed them that the company's board of directors had reviewed the fines and deemed them 'improper'.

The company argued that the shareholder was not a requirement, and compliance was sufficient if the approval was obtained within three months of the director's appointment.

Despite disputing the fines, the company's board has advised to remit the imposed amounts under protest while simultaneously submitting waiver applications to the exchanges for reconsideration. The outcome of the waiver applications could have implications for how listed companies approach similar appointments in the future, say experts.

-- Business Standard

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