Garden Reach Shipbuilders & Engineers Ltd

In terms of Reg 30 of SEBI LODR 2015 we hereby inform you that the Company has received notices from NSE and BSE regarding non-compliance with provisions of Reg 17 (1) of the SEBI LODR 2015 pertaining to non availability of required Independent Directors including Woman Independent Director on the Board of the Company during the Quarter ended 30 Sep 2024 and imposition of Fine of Rs. 542800 each by NSE and BSE for such non-compliance.In respect of the aforesaid notice Company has replied that the GRSE is a CPSE. The Directors on the board of the Company are appointed by the Government of India through Presidential Order. The action of appointment of Directors is not in the hands of the Company and also beyond the control of the Company. Accordingly GRSE should not be held liable to pay the fines and the same should be waived off.