Lokesh Machines Limited has received notices from BSE and NSE imposing a fine of ₹2,41,900 (including GST) each for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015. The non-compliance occurred due to the resignation of an independent director and the subsequent extensive process to identify and appoint a new director. The company clarified that its business of manufacturing small arms requires prior approval from the Ministry of Home Affairs (MHA) for any changes in directorship. This mandatory legal provision, including a 90-day advance submission requirement for applications, led to an inability to comply with the SEBI timeline for board composition. Lokesh Machines has appointed a new Independent Director at the Board Meeting held on November 11, 2025, after obtaining the necessary MHA approval. This appointment was duly intimated to the stock exchanges. The company is representing to the stock exchanges for a waiver of the penalty, citing the overriding legal provisions. The fine is applicable for the quarter ended December 31, 2025. The total financial implication is ₹4,83,800 (₹2,41,900 each to BSE and NSE). The company will file its response with valid legal reasons and seek a waiver of the fines. This intimation will be available on the company's website.
