Wonder Electricals Limited has been issued a warning by the Securities and Exchange Board of India (SEBI) for non-compliance with Regulation 23(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company failed to obtain prior shareholder approval for material related party transactions with Stamping & More LLP for the half-year periods ending September 2024 and March 2025. Although post facto approval was obtained, SEBI mandates prior approval for such transactions. SEBI has taken this non-compliance seriously and has warned Wonder Electricals to exercise due caution in the future. Failure to comply may result in enforcement action under the SEBI Act, 1992.
Wonder Electricals is required to present this communication and any actions taken in response to the non-compliance to its Board of Directors in the next meeting. A brief on the discussions and actions taken must be forwarded to SEBI within 10 days of the board meeting. The company has also been instructed to disseminate the letter to the stock exchange immediately.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Business Desk and reviewed by Aman Shukla before publication.