BF Utilities Fined ₹8.85 Lacs by NSE & BSE for Board Composition Non-Compliance

BF Utilities Limited has been fined a total of ₹8,85,000 (₹4,42,500 each by NSE and BSE, inclusive of GST) for non-compliance with Regulation 17(1) of SEBI Listing Regulations. The non-compliance pertains to the composition of its Board, specifically the failure to appoint an Independent Woman Director for the quarter ended March 31, 2026. The company clarified that it was in the process of identifying a suitable candidate and has since appointed Mrs. Mugdha Vartak as a Non-Executive – Independent Woman Director with effect from March 17, 2026. The company will pay the fine by the due date of June 11, 2026, and states there is no material impact on its financials or operations.