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We would like to clarify that the delay in intimating the resignation within 24 hours was due to a misinterpretation of the applicable regulatory provisions. It was our bona fide understanding that the requirement to disclose such resignation within 24 hours, as per sub-para (7) of Para A of Part A of Schedule III, was applicable to general changes in directorship. Since the resignation involved an Independent Director, we referred to sub-para (7B), which provides a timeline of seven days. Owing to this interpretation, we considered the seven-day window as the applicable timeframe for making the disclosure. We regret the misinterpretation and assure you that there was no intention of non-compliance.
We humbly request you to please take our above submission on your records and construe that all the provisions of SEBI Regulations have been complied with.
You are requested to kindly take the same on records.
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