Balaji Amines Delays Q1 Results Due To Unavailability Of Management
The management is unavailable as they are involved in the company's subsidiary, Balaji Speciality Chemicals' proposed IPO.
Balaji Amines Ltd. said the submission of first-quarter financial results has been delayed due to the unavailability of the company's management.
Under SEBI listing regulations, listed companies should submit their unaudited financial results to stock exchanges within 45 days of the end of the quarter.
"Our material subsidiary, Balaji Speciality Chemicals Ltd., proposes to undertake its initial public offering of equity shares. The management of BSCL has been unavailable due to their involvement in the BSCL IPO (which involves significant efforts and work for their management), and they are yet to complete the preparation of financial results for the quarter ended June 30, 2023," the company said in an Aug. 16 exchange filing.
Though five independent directors resigned from the company in May citing personal reasons, the company said the delay in the submission of financial results is not related to the resignation of independent directors.
Shares of company closed 3.48% lower at Rs 2106 apiece on Wednesday, compared with a rise of 0.16% in the benchmark NSE Nifty 50.