Bharat Forge fined under Factories Act, 1948 – ET Auto

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As the situation evolves, Bharat Forge remains committed to upholding regulatory standards and ensuring compliance with all relevant laws and regulations governing its operations.

New Delhi: In accordance with Regulation 30 of the SEBI Regulations, 2015, Bharat Forge, a leading industrial powerhouse, is facing litigation under the Factories Act, 1948. The Additional Chief Judicial Magistrate, Pune, has issued an order levying a fine of INR 30,000 on the occupier of Bharat Forge’s factory premises.

The order, received on March 20, 2024, imposes a fine of INR 30,000 on the occupier of Bharat Forge’s factory in Pune. This action follows a complaint filed by the Factory Inspector, alleging a violation under Section 7A(2)(a) of the Factories Act, 1948, which carries penalties under Section 92 of the Act.

Despite this legal development, Bharat Forge has assured stakeholders that there will be no material financial, operational, or other adverse impacts resulting from the imposed fine. This assurance is consistent with the disclosure requirements outlined in Regulation 30 and sub-para 20 of Para A of Part A of Schedule III of SEBI Regulations, 2015.

The disclosure, made pursuant to SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023, aims to maintain transparency regarding legal proceedings affecting Bharat Forge, a listed entity.

As the situation evolves, Bharat Forge remains committed to upholding regulatory standards and ensuring compliance with all relevant laws and regulations governing its operations.

Stakeholders are advised to remain updated on this matter through official channels of communication provided by Bharat Forge, the company said.

  • Published On Mar 22, 2024 at 10:54 AM IST

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