Shivalik Rasayan warned for governance non-compliance by exchanges

Shivalik Rasayan Limited announced on October 16, 2025, that it has received warning letters from the National Stock Exchange of India and BSE Limited. The warnings stem from non-compliance with Regulation 18(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which pertains to the quorum for Audit Committee meetings.

The non-compliance was identified in the Corporate Governance Report for the half-year ended September 2024. The Audit Committee Meeting held on August 13, 2024, was attended by only one independent director, failing to meet the requirement of at least two independent directors or one-third of the committee members, whichever is greater.

The company has assured both exchanges that it will exercise due caution and initiate corrective steps to prevent future recurrences, ensuring compliance with SEBI LODR and exchange communications. Shivalik Rasayan is required to disseminate copies of these warning letters to the stock exchanges and present them to its board of directors, along with the corrective measures taken.