Balaji Amines Limited share price tumbled over 3 percent in early trade on August 16 after the company declared a delay in its June quarter results amid the mass resignation of five independent directors in May, causing panic among investors.

“In accordance with the Sebi master circular, we would like to submit that there has been a delay in the preparation of the consolidated financial results on account of the unavailability of the management,” said Balaji Amines in an exchange filing on August 14.

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Under Sebi listing regulations, listed firms must submit their unaudited financial results and the limited review report to stock exchanges within 45 days from the end of the quarter. The company should have published its results for the quarter ended June 30 by August 14.

In May, five independent directors decided to step down from their positions, explaining that their departure was driven by personal factors. During a conference call in May, the company’s managing director, D Ram Reddy, revealed that these directors were reaching the end of their second term and chose to resign in adherence to the regulations set by Sebi. According to these rules, independent directors are required to resign once they have served for a total of 10 years in their role.

Read more: Dismal Q4 earnings drag Balaji Amines shares to 52-week low

Balaji Amines is one of the largest producers of DMA-HCL (Di Methyl Amine Hydrochloride) in the world and India’s largest manufacturer of Aliphatic Amines. The company has the expertise to cater the value-based specialty chemicals.

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