Executive Summary
Across 36 filings in the India IPO Activity Monitor stream (Feb 28, 2026), a dominant theme is widespread SEBI LODR Regulation 17(1) non-compliance fines for board composition deficiencies, affecting 9+ companies (mostly PSUs like SCI, RCF, HMT, NLC India, POWERGRID, SCILAL) totaling over ₹80L in penalties for QE Dec 31, 2025, highlighting governance pressures amid delayed ID appointments. Neutral sentiment prevails (24/36 filings), driven by procedural updates like EGM ads, analyst meets, and personnel changes, but positives include ICICI Lombard's ratings upgrade (FSR B++, ROE avg 17.3% FY21-25, FY25 net income > FY24) and expansions (Baazar Style 259th store, Persistent China WFOE). Negatives cluster in minor penalties (TRAI ₹9.12L TTML, DoT ₹2.53L Airtel) and promoter pledges (Veranda ₹112.5 Cr). No broad YoY/QoQ revenue/margin trends emerge, but resilient earnings noted in insurance; forward events form March catalyst calendar (EGMs Mar 25/27, 7+ investor meets Mar 5-10). Portfolio implication: Monitor PSU waivers and IPO promo meets for listing momentum, favor governance-compliant names like ICICI Lombard amid sector scrutiny.
Tracking the trend? Catch up on the prior India IPO SEBI DRHP Activity Filings digest from February 27, 2026.
Investment Signals(12)
- ICICI Lombard↓(BULLISH)▲
AM Best outlook to positive (FSR B++ affirmed, ROE avg 17.3% FY21-25 vs peers, FY25 net income > FY24 on underwriting/investments, 8.7% market share #2 non-life insurer)
- Baazar Style Retail↓(BULLISH)▲
Opened 259th store in Midnapore Feb 28, 2026 (store count +1 QoQ, expansion YoY trend) signaling retail footprint growth
- Black Box(BULLISH)▲
Allotted 6.46L shares on warrant conversion (₹26.97 Cr total inflow incl 25% upfront, 0.38% dilution, 63L warrants remain ex-Sep 2024) boosting liquidity
- Persistent Systems↓(BULLISH)▲
Wholly-owned sub established WFOE in China (Persistent Shanghai Co Ltd, license Feb 28, 2026) for geographic expansion amid global IT demand
- TCS(BULLISH)▲
Appointed Madhav Uppuluri as GC effective Apr 1, 2026 (28+ yrs exp from Tata Motors, M&A/litigation expertise) enhancing governance amid growth
- Almondz Global↓(BULLISH)▲
EOGM Mar 27 for ₹13.26 Cr warrants to non-promoter (₹16.58/share, 18-mo conversion, pricing Feb 24 relevant date) signaling capital raise conviction
- Garware Technical Fibres↓(BULLISH)▲
NSE waived ₹2.75L+GST fine post ID appointment Nov 25, 2025 (full compliance restored vs peers still fined)
- Delta Manufacturing↓(NEUTRAL-BULLISH)▲
EGM Mar 25 via VC/e-voting (ad published Feb 28) for potential strategic resolutions, no metrics decline
- RGF Capital Markets↓(BULLISH)▲
Appointed 2 additional NED IDs Feb 28 (20-21 yrs exp, committee reconstitution) strengthening governance
- Bajaj Consumer Care↓(BULLISH)▲
Replaced Head-Strategy with 2 SMPs (20+ yrs FMCG exp each, effective Mar 1/3) minimizing leadership disruption
- Veranda Learning↓(NEUTRAL)▲
Promoter pledges ₹112.5 Cr (₹50 Cr City Union, ₹62.5 Cr RBL Feb 27) maintain min values, no control change vs rising edtech needs
- Tata Steel(MIXED-BULLISH)▲
NINL SCN ₹587.86 Cr contested (Feb 2022-Mar 2025 iron ore, no financial impact claimed) potential legal win
Risk Flags(10)
- Shipping Corp India (SCI)[HIGH RISK]▼
Fined ₹10.86L (₹5.43L each BSE/NSE) Reg 17(1) board comp Q4'25, PSU delays in ID/Woman Director
- Rashtriya Chemicals↓[MEDIUM RISK]▼
Fined ₹10.86L total Reg 17(1) Q4'25, waiver sought amid PSU nomination lags
- HMT Limited[MEDIUM RISK]▼
Fined ₹10.86L Reg 17(1) Q4'25 (no IDs/Woman ID), Govt entity waiver pending
- NLC India[MEDIUM RISK]▼
Fined ₹5.43L BSE Reg 17(1) no Woman Director Q4'25, Presidential appointments delay
- POWERGRID[MEDIUM RISK]▼
Fined ₹10.86L total Reg 17(1) Q4'25, Govt co waiver request to Ministry of Power
- SCILAL[MEDIUM RISK]▼
Fined ₹19.54L BSE/NSE Reg 17/18/19 Q4'25, partial compliance Apr 2025 but waiver needed
- Subex[MEDIUM RISK]▼
Fined ₹3.64L BSE/NSE Reg 17/19 post-3 director exits Sep 2025, unintentional reconstitution lag
- Sigma Advanced↓[MEDIUM RISK]▼
Fined ₹9.68L total Reg 17(1) post-resignation (5 dirs <6 req'd till Dec 22 fix)
- Tata Teleservices↓[LOW RISK]▼
TRAI ₹9.12L penalty UCC Q1'24, reviewing order
- Bharti Airtel↓[LOW RISK]▼
DoT penalties ₹2.53L total (MP ₹1.44L Dec'25, UP East ₹1.09L Nov'25 CAF audits), paid no contest
Opportunities(10)
- ICICI Lombard/Ratings Upgrade↓(OPPORTUNITY)◆
Positive outlook on B++/bbb+ (ROE 17.3% 5-yr avg, FY25 net income beat FY24, #2 market share) undervalued vs peers
- Baazar Style/Store Expansion↓(OPPORTUNITY)◆
259 stores post-Midnapore open (Feb 28), YoY network growth in value retail
- Persistent/China Entry↓(OPPORTUNITY)◆
New WFOE Shanghai (Feb 27/28) taps China IT services, global diversification
- Black Box/Warrant Conversion(OPPORTUNITY)◆
₹20.22 Cr balance inflow (total ₹27 Cr tranche), low 0.38% dilution supports growth
- Almondz/Fundraise↓(OPPORTUNITY)◆
₹13.26 Cr warrants EGM Mar 27 (non-promoter, 18-mo term) at ₹16.58 for expansion
- TCS/Leadership(OPPORTUNITY)◆
New GC Uppuluri Apr 1 (ex-Tata Motors, M&A exp) bolsters legal amid TCS growth trajectory
- Veranda/Pledge Stability↓(OPPORTUNITY)◆
₹112.5 Cr pledges (Feb 27) tied to facilities, no control risk, edtech recovery play
- Praveg/Analyst Meets(OPPORTUNITY)◆
Mar 6 meets (Nirbhay AMC/Pegasus) pre-IPO momentum, public info only
- Silicon Rental/Investor Conf↓(OPPORTUNITY)◆
Bharat Connect Rising Stars Mar 6, SME platform visibility
- iValue/NDR↓(OPPORTUNITY)◆
Mumbai roadshow Mar 5 (10AM-6:30PM) highlights public developments for IPO interest
Sector Themes(6)
- PSU Governance Fines Wave◆
8/36 filings (SCI, RCF, HMT, NLC, POWERGRID, SCILAL, etc.) fined ₹5.43L-19.54L each for Reg 17(1) Q4'25 board shortfalls (no IDs/Woman IDs), waivers pending Govt nods; implies sector-wide compliance risk, avoid till resolutions
- Analyst/Investor Meet Cluster◆
7 cos (Praveg, Silicon Rental, Dhabriya, iValue, Monarch, Transindia implied) scheduling Mar 5-10 (Bharat Connect Rising Stars, NDRs), no UPSI; signals IPO/listing promo in SME/midcaps, watch for momentum
- Key Personnel Turnover◆
8+ resignations (COO Logica, CS Mittal/Delta/Sterling, ID Praveg, Head Bajaj, etc.), quick replacements in most (RGF IDs, Bajaj SMPs); neutral churn but monitor control in small caps
- Regulatory Penalty Scatter◆
12 filings minor fines/penalties (TRAI/DoT telecom ₹2-9L, Drugs suspension Medplus ₹0.42L rev loss); low materiality (<₹600 Cr Tata Steel SCN contested), but cumulative governance drag
- Expansion & Capital Infusion◆
Retail (Baazar +1 store), IT (Persistent China, Black Box ₹27 Cr warrants), Securities (Almondz ₹13 Cr); YoY growth signals vs stagnant peers, favor execution
- Promoter Actions Mixed◆
Veranda pledges ₹112.5 Cr (no control shift), Shah reclass 0% hold; low conviction but liquidity stable
Watch List(8)
Shareholder vote Mar 27 on ₹13.26 Cr warrants, allotment within 15 days approval; monitor dilution impact
Mar 25 VC for resolutions (ad Feb 28), potential capital/strategy shifts
- Praveg/Analyst Meets👁
Virtual/physical Mar 6 (11AM Nirbhay, 12PM Pegasus), IPO visibility changes possible
- Shipping Corp PSUs/Fine Waivers👁
SCI/SCILAL/RCF/HMT/NLC/POWERGRID waivers on Reg 17 fines Q4'25, Ministry updates imminent
- Tata Steel/NINL SCN👁
Response to ₹587.86 Cr Odisha notice (Feb 2022-Mar 2025), legal remedies by Mar 2026
Mumbai Mar 5 full day roadshow, public updates on IPO trajectory
Rising Stars virtual Mar 6 11AM, SME analyst feedback
Monitor enforcement on ₹112.5 Cr promoter pledges tied to bank facilities post-Feb 27
Filing Analyses(36)
28-02-2026
Transindia Real Estate Limited intimated BSE and NSE on February 28, 2026, regarding the newspaper publication of Postal Ballot Notice for resolutions to be passed via e-voting process only, as per Regulation 30 of SEBI (LODR) Regulations, 2015 and Companies Act, 2013. The advertisement was published in The Free Press Journal (English) and Navshakti (Marathi) on the same date. No financial or performance metrics were disclosed.
- ·BSE Scrip Code: 543955
- ·NSE Symbol: TREL
- ·CIN: L61200MH2021PLC372756
27-02-2026
Logica Infoway Ltd. (formerly Eastern Logica Infoway Ltd.) issued a revised intimation to BSE regarding the resignation of Mr. Ankur Bhutani as Chief Operating Officer (North) and Key Managerial Personnel, effective retrospectively from February 1, 2026, to pursue external career opportunities. The resignation was communicated via email on February 12, 2026, accepted on February 14, 2026, and disclosed on February 17, 2026, after internal discussions and compliance review; the delay was attributed to the retrospective effective date and weekend timing. No successor has been announced, and the company emphasized ongoing commitment to regulatory compliance.
- ·CIN: L30007WB1995PLC073218
- ·Scrip Code: 543746
- ·ISIN: INE0BSU01018
- ·Registered Office: 2, Saklat Place, 1 Floor, Kolkata - 700 072
- ·Corporate Office: A-78, Okhla Industrial Area, Phase-II, New Delhi - 110020
- ·Resignation email received: February 12, 2026
- ·Relieved from duties: February 14, 2026
- ·Informed to Compliance Department: February 16, 2026 (next working day after Sunday, February 15)
28-02-2026
Tata Teleservices (Maharashtra) Limited disclosed receipt of an order from Telecom Regulatory Authority of India (TRAI) dated February 27, 2026, imposing a financial penalty of ₹9.12L for failure to curb Unsolicited Commercial Communications (UCC) through its network during the quarter ending March 2024. The company is reviewing the order and evaluating next steps. The impact is limited to the penalty amount with no further quantifiable effects mentioned.
- ·Scrip Code: 532371, Scrip Symbol: TTML
- ·Order received on February 27, 2026 at 11:44 am
- ·Disclosure under Regulation 30 of SEBI Listing Regulations
28-02-2026
Praveg Limited informed BSE Limited of scheduled analyst/investor meetings on March 6, 2026, including a virtual meeting with Nirbhay AMC Private Limited at 11:00 a.m. and a physical meeting with Pegasus Growth LLP at 12:00 p.m. Discussions will rely solely on publicly available information, with no Unpublished Price Sensitive Information (UPSI) to be shared, and the schedule remains subject to change.
- ·Scrip Code: 531637
- ·Meetings pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
28-02-2026
Promoters of Veranda Learning Solutions Limited—Mr. Kalpathi S Aghoram, Mr. Kalpathi S Ganesh, and Mr. Kalpathi S Suresh—executed pledges on February 27, 2026, over equity shares worth ₹50 Cr in favor of SBICAP Trustee Company Limited (for VLS's credit facility from City Union Bank) and ₹62.50 Cr in favor of RBL Bank Limited (for wholly-owned subsidiary Veranda XL Learning Solutions Private Limited's facility). The pledges require maintaining minimum values with additional shares if needed, but have no immediate impact on management or control, though enforcement could alter shareholding patterns. This disclosure complies with SEBI Listing Regulations 30 and 30A.
- ·Event occurred on February 27, 2026, at 8:30 PM IST.
- ·Pledges relate to prior disclosures on credit facilities dated February 25, 2026 (VLS from City Union Bank) and February 26, 2026 (Veranda XL from RBL Bank).
- ·No restrictions or liabilities imposed on the listed entity; not related party transactions.
28-02-2026
AM Best revised outlooks to positive from stable for ICICI Lombard General Insurance Company Limited's Financial Strength Rating (FSR) of B++ (Good) and Long-Term Issuer Credit Rating (Long-Term ICR) of bbb+ (Good), while affirming the India National Scale Rating (NSR) of aaa.IN (Exceptional) with stable outlook. The ratings highlight very strong balance sheet strength, strong operating performance with a five-year average ROE of 17.3% (FY2021-2025), and 8.7% market share as India's second-largest non-life insurer in FY2025. Offsetting factors include moderate investment risk and contingent tax liabilities, though these have not caused material financial impact.
- ·Market-leading positions in property/casualty, marine cargo, liability, and motor lines; second in fire and engineering (FY2025).
- ·Higher net income in FY2025 vs prior year, driven by better investment returns and underwriting; resilient earnings in first nine months of FY2026.
28-02-2026
Baazar Style Retail Limited announced the opening of a new Style Baazar store in Midnapore, West Bengal, on February 28, 2026. This brings the total number of stores to 259. No financial impacts or comparative metrics were disclosed.
- ·Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
- ·Scrip Code: 544243; Trading Symbol: STYLEBAAZA
- ·CIN No: L18109WB2013PLC194160
28-02-2026
Shipping Corporation of India Land and Assets Limited (SCILAL) was levied fines of ₹9,77,040 each (total ₹19.54 Lakh) by BSE and NSE for non-compliances with SEBI LODR Regulations on board composition (Reg 17(1)), audit committee (Reg 18(1)), and nomination/remuneration committee (Reg 19(1)/19(2)) during the quarter ended 31.12.2025. While the company appointed Prof. (Dr.) K. Jayaprasad as Independent Director and constituted all statutory board committees effective 15.04.2025, full compliance awaits additional Independent Directors as a PSU coordinating with authorities. SCILAL is seeking fine waivers and reports no significant financial or operational impact.
- ·BSE Scrip Code: 544142; NSE Trading Symbol: SCILAL
- ·Emails received: BSE on 27.02.2026 at 1751 hours IST; NSE at 2217 hours IST
- ·Non-compliance pertains to quarter ended 31.12.2025
- ·SCILAL is a Public Sector Undertaking (PSU) coordinating for additional Independent Directors
28-02-2026
Shipping Corporation of India Limited (SCI) received fines of ₹5.43L each (₹4.60L base + 18% GST) from BSE and NSE on February 27, 2026, for non-compliance with Regulation 17(1) regarding Board of Directors composition. The company states the action has no significant impact on its financials or operations. As a Navratna PSU, SCI is coordinating with the Competent Authority for appointing requisite Independent Directors, including a Women Director.
- ·Event occurrence: BSE email at 1751 hours IST and NSE at 2217 hours IST on 27.02.2026
- ·SCI is a Navratna Public Sector Undertaking (PSU); only Competent Authority nominates Directors
- ·Company plans to submit request letters to both stock exchanges
28-02-2026
Delta Manufacturing Limited disclosed newspaper advertisements published on February 28, 2026, in Financial Express (English) and Loksatta (Marathi), providing details of an Extra Ordinary General Meeting (EGM) scheduled for Wednesday, March 25, 2026, via Video Conference/Other Audio Visual Means with e-Voting facility. The disclosure complies with Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. No financial performance metrics, improvements, declines, or period-over-period comparisons were mentioned.
- ·Company CIN: L32109MH1982PLC028280
- ·NSE Symbol: DELTAMAGNT
- ·BSE Scrip Code: 504286
- ·Registered Office: B-87, MIDC, Ambald, Nashik-422 010
- ·Corporate Office: Delta House, Hornby Vellard Estate, Dr. Annie Besant Road, Worli, Mumbai - 400 018
- ·Websites: www.deltamagnets.com, www.arrowtextiles.com
28-02-2026
Mittal Sections Limited informed BSE of the resignation of Mr. Hirenkumar B. Patel as Company Secretary & Compliance Officer effective December 31, 2025, due to pursuit of new career opportunities. The Board, at its meeting on December 31, 2025, approved the appointment of Ms. Gunjan Rameena as the new Company Secretary & Compliance Officer effective January 1, 2026. This disclosure includes the belated submission of the resignation letter on February 28, 2026, attributed to an inadvertent oversight.
- ·Board meeting held on 31/12/2025 commenced at 3:00 p.m. and concluded at 3:25 p.m.
- ·Resignation letter submission to BSE delayed due to inadvertent oversight in uploading on listing portal.
- ·Ms. Gunjan Rameena is an associate member of ICSI with experience in Corporate Law, Governance, and SEBI matters; not related to any director and not debarred by SEBI.
28-02-2026
Almondz Global Securities Limited has issued a notice for an Extra-Ordinary General Meeting (EOGM) on March 27, 2026, to seek shareholder approval for the preferential issuance of up to 80 lakh fully convertible warrants at ₹16.58 each, aggregating to ₹13.26 Cr, to non-promoter Nandakumar Padma. The warrants carry a right to convert into equity shares of ₹1 face value within 18 months, with 25% upfront payment of ₹3.32 Cr and 75% balance on exercise. No comparative financial performance data is provided in the filing.
- ·Relevant date for pricing under SEBI ICDR Reg 161: February 24, 2026
- ·EGM to be held via Video Conferencing (VC)/Other Audio Visual Means (OAVM) at 11:00 A.M. IST
- ·Allotment of warrants to be completed within 15 days of shareholder approval or regulatory clearances
- ·Warrants non-voting; equity shares on conversion rank pari-passu with existing shares and to be listed
28-02-2026
Subex Limited disclosed fines of ₹1.82 lakh each (total ₹3.64 lakh excluding GST) imposed by NSE and BSE on February 27, 2026, for non-compliance with SEBI LODR Regulations 17(1) and 19(1) regarding board and Nomination & Remuneration Committee composition. The issue stemmed from the unexpected cessation of 3 directors on September 29, 2025, leading to temporary reconstitution; however, the company states no material financial or operational impact and plans to seek a waiver as the non-compliance was unintentional.
- ·NRC reconstituted on September 30, 2025, with 2 Independent Directors and 1 Executive Director post-cessations.
- ·Further NRC re-constitution upon induction of new Independent Director on December 25, 2025.
28-02-2026
Rashtriya Chemicals and Fertilizers Limited received notices from NSE and BSE on February 27, 2026, for non-compliance with Regulation 17(1) of SEBI LODR Regulations for the quarter ended December 31, 2025, resulting in fines of ₹5,42,800 each (total ₹10,85,600). The company disclosed this under Regulation 30 of SEBI LODR on February 28, 2026. It is currently applying for a waiver of the fines, with no other operational impacts mentioned.
- ·Notices received at 17:50 pm (BSE) and 22:17 pm (NSE) on February 27, 2026
- ·Non-compliance specific to quarter ended December 31, 2025
28-02-2026
Silicon Rental Solutions Limited (formerly Silicon Rental Solutions Private Limited, CIN: L74999MH2016PLC272442) has intimated BSE SME Platform under Regulation 30 of SEBI LODR about a group investor/analyst meeting at the Bharat Connect Conference Rising Stars 2026 on March 06, 2026, from 12:00 PM to 1:00 PM. No unpublished price-sensitive information (UPSI) is intended to be discussed, and schedules may change due to exigencies. The disclosure was filed on February 28, 2026.
- ·Scrip Code: 543615
- ·Contact numbers: +91 90825 60851 (Pune), +91 98200 86270 (Mumbai), offices in Pune, Mumbai, New Delhi
28-02-2026
Bharti Airtel Limited disclosed two penalty notices from the Department of Telecommunications (DoT): Rs. 1.44 lakh from Madhya Pradesh LSA for alleged subscriber verification violations in December 2025 CAF Audit, and Rs. 1.09 lakh from Uttar Pradesh (East) LSA for November 2025. The company has opted to pay both penalties without contesting, with financial impact limited to the amounts levied. No operational disruptions noted.
- ·Notices received on February 27, 2026 (Madhya Pradesh at IST 1805 Hrs; UP East at IST 1752 Hrs)
- ·Violations relate to License Agreement terms on subscriber verification norms
- ·Disclosure pursuant to Regulation 30 of SEBI Listing Regulations
28-02-2026
Bharti Airtel Ltd. disclosed notices from the Department of Telecommunications (DoT) imposing penalties of ₹1.44 lakh (Madhya Pradesh LSA for Dec 2025 CAF audit) and ₹1.09 lakh (Uttar Pradesh East LSA for Nov 2025 CAF audit) for alleged violations of subscriber verification norms under license agreements. The company has opted to pay the penalties without contesting them. The financial impact is limited solely to these penalty amounts, with no further operational or other implications mentioned.
- ·Notices received on February 27, 2026 (MP at 18:05 IST, UP East at 17:52 IST)
- ·Disclosure filed on February 28, 2026 under Regulation 30 of SEBI Listing Regulations
28-02-2026
Sigma Advanced Systems Limited (formerly Megasoft Limited) received emails dated February 27, 2026, from BSE Limited and NSE imposing fines of ₹4,83,800 each (base fine ₹4,10,000 + 18% GST ₹73,800) for non-compliance with Regulation 17(1) of SEBI LODR, as the board had only 5 directors after Mr. Krishna Yeachuri's resignation, short of the required minimum 6. The company appointed Mr. Cheemarla Damodar Reddy as Additional Director (Non-Executive, Non-Independent) on December 22, 2025, achieving compliance. The company states no material impact on financials or operations and plans to pay the fines.
- ·Scrip Code: 532408; Symbol: SIGMAADV
- ·Non-compliance period: Post-resignation of Mr. Krishna Yeachuri until December 22, 2025
- ·Disclosure pursuant to Regulation 30 of SEBI LODR and Master Circular dated January 30, 2026
28-02-2026
Black Box Limited allotted 6,46,674 equity shares of face value Rs. 2 each at a premium of Rs. 415 per share to three non-promoter entities (Excello Fin Lea Limited, Ushma Mehta, Ajay Patadia) upon conversion of equivalent warrants, receiving balance consideration of ₹20.22 Cr (total consideration including prior 25% upfront: ₹26.97 Cr). This increased issued and paid-up equity capital from 17,04,90,722 shares (₹340.98 Cr) to 17,11,37,396 shares (₹342.27 Cr), representing a 0.38% dilution. Post-allotment, 63,57,859 warrants remain outstanding out of the original 92,65,215 allotted on September 27, 2024.
- ·Original warrant allotment: 92,65,215 warrants at Rs. 417 each (Sep 27, 2024) with 18-month exercise period.
- ·Converted warrants: Excello Fin Lea Limited (5,99,520), Ushma Mehta (31,975 from prior holding of 7,28,736), Ajay Patadia (15,179 from prior holding of 15,179).
- ·Allotted shares rank pari passu with existing shares.
28-02-2026
Shree Pacetronix Ltd disclosed the publication of a newspaper advertisement on February 28, 2026, regarding the opening of a special window for re-lodgement of transfer requests for physical shares, in compliance with Regulation 30 of SEBI Listing Regulations and SEBI Circular dated January 30, 2026. The advertisement appeared in Free Press and Choutha Sansar newspapers. This is a procedural update with no financial metrics reported.
- ·Scrip Code: 527005
- ·ISIN: INE847D01010
- ·CIN: L33112MP1988PLC004317
- ·Registered Office: Plot No. 15, Sector II, Pithampur, Dhar 454775 (M.P.), India
28-02-2026
Dhabriya Polywood Limited informed BSE about an upcoming analyst meeting at the Bharat Connect Conference: Rising Stars 2026, organized by Arihant Capital, on March 10, 2026, via video conference. Discussions will be limited to publicly available information, with no Unpublished Price Sensitive Information (UPSI) to be shared. The company noted that changes to the schedule may occur due to exigencies.
- ·Scrip Code: 538715
- ·CIN: L29305RJ1992PLC007003
- ·Registered Office: B-9D(1), Malviya Industrial Area, Jaipur-302 017 (Raj.) INDIA
28-02-2026
iValue Infosolutions Limited (formerly iValue Infosolutions Private Limited) has intimated the stock exchanges about its management's participation in a Non-Deal Roadshow (NDR) on March 5, 2026, from 10:00 AM to 6:30 PM in Mumbai, conducted in person. The roadshow will discuss industry and company-specific developments already in the public domain, pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015. Trading symbol is IVALUE and BSE scrip code is 544523.
- ·Company CIN: L72200KA2008PLC045995
- ·GST: 29AABCI8601B1ZW
- ·Company website: www.ivaluegroup.com
- ·Company address: No. 903/1/1, 19th Main Road, 4th Sector, H.S.R. Layout, Bangalore – 560102, Karnataka, India
- ·Compliance Officer Membership No.: A51625
28-02-2026
Monarch Surveyors and Engineering Consultants Limited (formerly Monarch Surveyors & Engineering Consultants Pvt. Ltd.) has intimated under Regulation 30 of SEBI Listing Regulations about a virtual group conference titled 'Rising Stars - March 2026 Meeting' with analysts/institutional investors, organized by Bharat Connect and Arihant Capital on March 6, 2026, at 11:00 A.M. No unpublished price-sensitive information will be disclosed during the meeting. Changes to the schedule may occur due to exigencies.
- ·BSE Scrip Code: 544453
- ·ISIN: INE0V0L01028
- ·CIN No.: L45203PN1999PLC013830
- ·Company website: https://www.monarchconsultants.in/
- ·Contact: +91 97665 56746, cs@monarchltd.com
28-02-2026
HMT Limited received notices from BSE Limited and National Stock Exchange of India Limited imposing fines of ₹5.43 Lakh each (inclusive of GST), totaling ₹10.86 Lakh, for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015, due to the absence of requisite Independent Directors on the Board for the quarter ended December 31, 2025. The company, a Government entity, is applying for a waiver of the fines and has requested the Administrative Ministry to appoint the necessary Independent Directors, including one Independent Woman Director.
- ·Disclosure pertains to quarter ended December 31, 2025
- ·Scrip codes: BSE 500191, NSE HMT
- ·CIN: L29230KA1953G0I000748
28-02-2026
The Board of Directors of RGF Capital Markets Limited, in its meeting on February 28, 2026, approved the appointment of Mrs. Basanti Roy (DIN: 10530177) and Mr. Sanjib Dutta (DIN: 08419495) as Additional Non-Executive Independent Directors for a second term of 5 years, effective February 28, 2026, subject to approvals. The board also approved the reconstitution of all committees, including Audit, Nomination & Remuneration, and Stakeholders Relationship Committees, with new compositions detailed. No financial impacts or performance metrics were disclosed.
- ·Mrs. Basanti Roy has 20 years of experience in office administration, accounting & finance.
- ·Mr. Sanjib Dutta has 21 years of experience in accounting, finance, income tax, and indirect taxes; B.Com graduate and E-DUST certified.
- ·Neither new director holds shares in the company or is related to existing directors; both affirmed not debarred by SEBI or other authorities.
- ·Audit Committee: Sanjib Dutta (Chairperson, NE-ID), Sujit Kumar Panda (Member, ED), Ajay Pratap Singh (Member, NE-ID).
- ·Nomination & Remuneration Committee: Ajay Pratap Singh (Chairperson, NE-ID), Sanjib Dutta (Member, NE-ID), Basanti Roy (Member, NE-ID).
- ·Stakeholders Relationship Committee: Sujit Kumar Panda (Chairperson, ED), Sanjib Dutta (Member, NE-ID), Ajay Pratap Singh (Member, NE-ID).
28-02-2026
Sterling Tools Limited disclosed the resignation of Ms. Komal Malik as Company Secretary and Compliance Officer (Key Managerial Personnel), effective close of business hours on February 28, 2026, to pursue other professional opportunities, with no other material reasons cited. This disclosure complies with Regulation 30 of SEBI (LODR) Regulations, 2015, following an earlier letter dated February 17, 2026. No successor has been announced in this filing.
- ·Disclosure references SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/l/3762/2026 dated January 30, 2026
- ·Company CIN: L29222DL1979PLC009668
- ·Trading Symbol: STERTOOLS; Scrip Code: 530759
28-02-2026
NLC India Limited received a notice from BSE dated February 27, 2026, for non-compliance with Regulation 17(1) of SEBI LODR regarding board composition, specifically failure to appoint a Women Director, resulting in a fine of ₹5.43 L (including GST). The company has requested a waiver from BSE, citing that director appointments are controlled by the President of India as a Government Company, and stated there is no impact on operations with financial implication limited to the fine.
- ·Company is a Navratna Government of India Enterprise with CIN L93090TN1956GOI003507.
- ·Non-compliance not attributable to company's negligence; Ministry of Coal apprised for Independent Directors appointment.
- ·Scrip details: NSE Symbol NLCINDIA, BSE Code 513683.
28-02-2026
Garware Technical Fibres Limited disclosed receiving fines of ₹2.75L plus GST each from BSE and NSE on February 27, 2026, for non-compliance with Regulation 17(1) of SEBI LODR (inadequate board composition, including no woman Independent Director) during part of the quarter ended December 31, 2025. However, the fines were fully waived by NSE on February 16, 2026, following the company's application, restoring compliance via the appointment of Ms. Kit Dharmesh Mangwani as Non-Executive Independent Director on November 25, 2025. There is no impact on financial, operational, or other activities.
- ·Ms. Malika Sagar ceased effective August 28, 2025.
- ·Nomination and Remuneration Committee meeting on April 29, 2025, recommended appointment.
- ·DGCA application submitted May 19, 2025.
- ·Non-compliance also for quarter ended September 30, 2025, with fines waived.
- ·Company CIN: L25209MH1976PLC018939
28-02-2026
MedPlus Health Services Limited disclosed under SEBI Regulation 30 that its subsidiary, Optival Health Solutions Private Limited, received a one-day suspension order for the Drug License of a store in Kuntloor, Rangareddy, Telangana, from the Assistant Director, Drugs Control Administration. The order, received on February 27, 2026, cites violation of Rule 65 of the Drugs and Cosmetics Act, 1940, and related rules. The financial impact is a potential revenue loss of ₹0.42 Lakh, indicating minimal operational disruption.
- ·Suspension duration: one day.
- ·BSE Scrip Code: 543427; NSE Symbol: MEDPLUS.
- ·Disclosure available on company website www.medplusindia.com and stock exchange websites.
28-02-2026
Praveg Limited (Scrip Code: 531637) disclosed the resignation of Independent Director Mr. Keyoor Madhusudan Bakshi (DIN: 00133588), effective close of business on February 28, 2026, due to advancing age and other commitments, with no other material reasons confirmed. The resignation was tendered via letter dated February 28, 2026, in compliance with Regulation 30 of SEBI LODR Regulations. Bakshi holds directorships in Kanel Industries Limited (Promoter) and Gokul Agro Resources Limited (Independent Director), including various committee positions.
- ·Bakshi's committee positions: Kanel Industries Limited (Member of Audit Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee); Gokul Agro Resources Limited (Member of Nomination and Remuneration Committee, Chairman of Audit Committee and Risk Management Committee)
- ·Disclosure pursuant to SEBI Master Circular dated January 30, 2026
28-02-2026
Tandhan Industries Limited (formerly Sanmitra Commercial Limited) informed BSE of receiving a request dated February 28, 2026, from promoter Mr. Prakash Bhoorchand Shah for reclassification from 'Promoter and Promoter Group' to 'Public' category under Regulation 30 read with Regulation 31A of SEBI LODR Regulations. Mr. Shah holds 0 shares, representing 0% shareholding, with no change in holdings noted. The reclassification complies with Regulation 31A(10), exempting certain provisions.
- ·CIN: L22209MH1985PLC034963
- ·Scrip Code: 512062
- ·Registered Address: 13, Prem Niwas 652, Dr. Ambedkar Road, Khar West, Mumbai, Maharashtra, India, 400052
28-02-2026
Tata Steel Limited disclosed that its wholly-owned subsidiary Neelachal Ispat Nigam Limited (NINL) received a Show Cause Notice on February 25, 2026, from the Odisha government seeking recovery of ₹587.86 Cr as additional charges (150% of royalty) on iron ore dispatches from February 2022 to March 2025 under the MMDR Act. NINL contends the notice is erroneous, as its iron ore mine does not fall under Section 8A(8), and plans to respond and pursue legal remedies if needed. The company states there is no impact on financial, operational, or other activities of Tata Steel or NINL.
- ·SCN issued by Office of the Deputy Director of Mines, Koira Circle, Koira Steel & Mines Department, Government of Odisha
- ·Applicable period for charges: February 2022 to March 2025
- ·Scrip Code: 500470; Symbol: TATASTEEL
- ·Disclosure under Regulation 30 and 51 of SEBI LODR Regulations, 2015
28-02-2026
Tata Consultancy Services Limited (TCS) has appointed Mr. Madhav Uppuluri as General Counsel effective April 1, 2026, succeeding Mr. Madhav Anchan upon his superannuation at the close of business on March 31, 2026. Mr. Uppuluri brings over 28 years of legal experience, including prior role as General Counsel at Tata Motors Limited, with expertise in litigation, commercial law, corporate governance, and M&A. The Board of Directors meeting was held on February 28, 2026, from 10:30 a.m. to 6:10 p.m.
- ·Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.
- ·Mr. Uppuluri's expertise includes handling complex domestic and overseas transactions, litigations at High Courts and Supreme Court of India.
- ·Information available on company website www.tcs.com.
28-02-2026
Bajaj Consumer Care Limited disclosed the resignation of Mr. Deepak Himan as Head-Strategy & International Business, effective close of business on February 28, 2026, to pursue external opportunities. The company promptly approved appointments of Mr. Abhishek Bhattacharya as Head - International Business (ROW, MEA & Nepal) effective March 1, 2026, and Mr. K.G. Mallikeswaran as Associate Vice President (Banjaras) effective March 3, 2026, both categorized as Senior Management Personnel. The new appointees bring over two decades of FMCG experience each, filling the vacancy without significant leadership gap.
- ·Resignation tendered on January 1, 2026.
- ·No disclosure of relationships between departing or new SMP and directors.
- ·SEBI LODR Regulation 30 disclosure, with details per SEBI Master Circular dated November 11, 2024.
28-02-2026
Persistent Systems Pte. Ltd., a wholly owned subsidiary of Persistent Systems Limited, established a Wholly Owned Foreign Enterprise (WFOE) in China named Baixinteng System Service (Shanghai) Co. Ltd. (i.e., Persistent Systems (Shanghai) Co. Ltd.) on February 27, 2026. The Business License was received from the Shanghai Administration for Market Regulation (SAMR) on February 28, 2026. This expansion into China was intimated under Regulation 30 of SEBI (LODR) Regulations, 2015.
- ·CIN: L72300PN1990PLC056696
- ·ICSI Membership No.: A20507
28-02-2026
POWERGRID disclosed receiving notices from BSE and NSE on February 27, 2026, for non-compliance with board composition requirements under Regulation 17(1) of SEBI LODR during the quarter ended December 31, 2025, resulting in fines of ₹5,42,800 (incl. GST) each from both exchanges, totaling ₹10,85,600. As a government company, appointments of independent directors are controlled by the President of India, and POWERGRID has requested waivers from the exchanges while coordinating with the Ministry of Power to fill vacancies.
- ·NSE Scrip ID: POWERGRID; BSE Scrip Code: 532898; EQ – ISIN: INE752E01010
- ·CIN: L40101DL1989GOI038121
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