Reliable Data Services Limited (RELIABLE) has provided comments from its Board of Directors regarding a fine levied by the stock exchanges (NSE and BSE) for non-compliance with Regulation 17(1) of the Listing Regulations concerning Board composition. The Board noted that the non-compliance was not wilful and occurred due to delays in appointing a suitable Independent Director, identified during the due diligence process. The company initiated timely steps to fill the casual vacancy and kept the stock exchanges informed. The Board had deliberated on the appointment of an Independent Director on November 14, 2025, but the process was deferred due to due diligence concerns. Subsequently, on February 14, 2026, Mrs. Bhoomika Aditya Gupta was approved as an Independent Director, making the company compliant. Reliable Data Services had submitted a waiver application and paid the applicable fine of ₹47,200 (including GST) levied by the exchanges. The Board emphasized the company's commitment to maintaining high corporate governance standards and advised management to ensure strict and timely compliance with all regulatory requirements going forward. The Board opined that the delay was procedural and occurred despite bona fide efforts.
