Akshar Spintex Pays Penalties Following Non-Compliance Regarding Board and Compliance Officer Roles
Akshar Spintex Limited confirmed the payment of penalties following the rejection of its waiver applications related to past non-compliances. The company paid the applicable penalties advised by the National Stock Exchange of India Limited (NSE) on May 13, 2026.The penalties related to lapses in corporate governance and adherence to compliance officer requirements. The non-compliance issues involved two key areas: the constitution of the Board of Directors and the appointment of a qualified Company Secretary and Compliance Officer.
Regarding the Board of Directors, the company initially stated that while necessary steps were taken for director appointments, these could not be finalized due to non-approval from shareholders, positioning the non-compliance as being outside the company's direct control. For the Compliance Officer role, the company reported difficulties in identifying and appointing a suitable qualified candidate within the prescribed timeline, and had subsequently advertised the position in three newspapers.
Following submissions detailing these lapses, the company's request for a waiver of penalties from the NSE was rejected. Consequently, the company became obligated to pay the specified penalty amount by May 15, 2026.
The total penalty imposed by the NSE related to two periods of violation. The financial details of the penalty are outlined below:
| Violation Detail | Period of Delay | Violation Regulation | Penalty Structure | Total Amount |
|---|---|---|---|---|
| Company Secretary/Compliance Officer | September 30, 2025 to October 18, 2025 (17 days delay) | Regulation 6 | Rs. 1000 per day (plus GST@ 18%) | Included in Total Penalty |
| Board Composition | November 25, 2025 to February 18, 2026 (84 days delay) | Regulation 17(1) | Rs. 5000 per day (plus GST@ 18%) | Included in Total Penalty |
| Overall Penalty | Rs. 5,15,660/- |
The total payable penalty of Rs. 5,15,660/- was cleared by Akshar Spintex Limited on May 13, 2026. The payment details confirmed that the total amount paid was Rs. 471960/-, which included a TDS amount of Rs. 43700/-.
AKSHAR Stock Price Movement
Today, Akshar Spintex Limited shares edged higher to close at ₹0.50, marking a strong gain of 2.04% for the session. The equity saw robust investor interest, with 904,726 shares traded in total as the market wrapped up trading today.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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