Asian Paints hit with environment damage compensation from Gujarat Pollution Control Board

Asian Paints Ltd. said the Environment Engineer of the Gujarat Pollution Control Board, Gandhinagar, imposed an interim environment damage compensation (EDC) of ₹10 lakh on the company on March 6, 2024.

According to the company’s stock exchange filing, the direction under Section 31A of the Air (Prevention and Control of Pollution) Act, 1981, does not mention any violation or contravention committed.

“The company was reviewing the said direction to understand the rationale for the EDC levied, as all the statutory, safety, and environment-related norms at the under-construction project were followed,” it said.

Asian Paints added in its disclosure that there was a minor fire incident in the under-construction premises in Ankleshwar, Gujarat, on December 22, 2023. The same was controlled immediately and there was no casualty.

In addition, the company revealed that Pallavi Shroff would not be able to continue for a second term as an independent director on account of several new projects that her firm has undertaken, leading to enhanced professional and time commitments. Her term of appointment concludes on March 31, 2024.

Asian Paints stock closed at ₹2,844.80 on the NSE, up by 0.84 per cent on Friday’s trade. The market is closed today, March 25, on account of Holi festival.