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Kitex Garments informs about outcome of board meeting

20 Jan 2025 Evaluate
Kitex Garments has informed that the Board Members in their Meeting held today, January 20, 2025, discussed the fines levied by NSE and BSE in the matter of appointment of an Independent Director. The Board, after due analysis of the provisions of the SEBI Listing Regulations and Companies Act, 2013, emphasized that the appointment of A K Mathew as the Additional Director in the capacity of Independent Director and subsequent appointment as the Independent Director of the Company in compliance with Sections 149, 152 and 161 of the Companies Act, 2013 read with Regulations 17(1A) and 17(1C) of the SEBI Listing Regulations, whereby the special resolution was duly passed at the AGM held on September 28, 2024, within the mandated time frame of three months from the date of appointment. The Board further took note of the relevant case laws, particularly Nectar Life Sciences Ltd v/s SEBI wherein the Hon'ble SAT has held that the requirements of Regulations 17(1A) and 17(1C) of the SEBI Listing Regulations are to be read harmoniously and that the word ‘unless’ as depicted in Regulation 17(1A) does not mean ‘prior approval’, nor the requirement of passing a special resolution was a qualificatory condition for appointment as a director. This further solidified the Board's belief that the fine levied to the Company by the exchanges was not appropriate.

The above information is a part of company’s filings submitted to BSE.

Kitex Garments Share Price

161.20 6.05 (3.90%)
18-Jun-2026 16:59 View Price Chart
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