Bharat Forge fined under Factories Act, shares surges by 2.12 percent

by Psu Connect
Date: 22-03-24

Bharat Forge has been fined worth Rs 30,000 under the Factories Act, 1948 by the Additional Chief Judicial Magistrate of Pune Court.

Bharat Forge fined under Factories Act, shares surges by 2.12 percent

The Order has been passed by the Additional Chief Judicial Magistrate under the Factories Act, 1948 which states that under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 this is to inform, the Additional Chief Judicial Magistrate, Pune has passed an order levying a fine on the Occupier of the Company, under the extant provisions of the Factories Act, 1948.

The Disclosure of the information is according to Regulation 30 and sub-para 20 of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023.

The Additional Chief Judicial Magistrate, Pune has Fine around Rs.30,000/- on the Occupier of the Company dated March 20, 2024. The order has been issued in respect of the Factory Inspector’s complaint of an offense under Section 7A (2) (a) of the Factories Act, 1948 (“the Act”) punishable under Section 92 of the Act. According to the company’s official information, there is no material impact on financials, operations, or other activities of the Company due to the said order.

The shares of the company are trading in the green zone at Rs 1,125.35 up by 2.10% and the market capitalization is standing at Rs 52.39Tcr.