Textile giant Bombay Dyeing and Manufacturing Company has challenged the fines imposed by the National Stock Exchange (NSE) and BSE. The penalty has been imposed because the company did not receive a special proposal from the shareholders before the appointment of an independent director of the age of 75.
On March 19, in a letter to both the stock exchanges, the company informed them that the company’s board of directors reviewed the fine and considered it ‘unfair’. The company argued that compliance is sufficient if approval is obtained within three months of the appointment of the director.
Despite the dispute over the fine, the company’s board has advised to deposit the disputed amount, as well as advised to present an apology application to the exchanges for reconsideration.
First Published – March 19, 2025 | 10:58 PM IST