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Asian Paints said its Audit Committee found bona fide the non-implementation of a purchase transaction in the first tranche of a trading plan submitted by Geetanjali Trading and Investments Private Limited (GTIPL). The company’s 21 August 2026 notice does not disclose why GTIPL did not make the purchase.
What did the Audit Committee decide?
The committee determined that the missed purchase under the plan’s first tranche was bona fide. It reached that decision after considering material supplied by GTIPL and a recommendation from the Compliance Officer. The company’s notice describes the committee’s determination; it does not establish any further facts about why the transaction was not made.
Asian Paints’ 21 August 2026 disclosure says GTIPL informed the Compliance Officer on 20 August that the plan had been partly unimplemented, and provided a reason and supporting documents. The Audit Committee considered the matter at its next meeting on 21 August.
Why was the purchase not made?
The public notice does not say. It confirms that GTIPL supplied a reason and documents to the Compliance Officer, but does not identify the reason, the quantity or value of the missed purchase, or any financial effect. The committee’s bona fide finding should not be treated as disclosure of those omitted details.
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What is the procedural context?
The notice cites Regulation 5(4) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. Asian Paints’ Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons sets out the company’s process for handling full or partial non-implementation of a trading plan.
- The person submitting the plan reports full or partial non-implementation to the Compliance Officer within two trading days after the plan’s tenure ends, giving reasons and supporting documents if any.
- The Compliance Officer places the matter before the Audit Committee with a recommendation.
- The committee decides whether the non-implementation was bona fide, and the decision is notified to the stock exchanges that day.
In this case, Asian Paints said GTIPL notified the Compliance Officer on 20 August and the committee considered the submission at its immediate next meeting on 21 August. The notice was signed by R. J. Jeyamurugan, identified as CFO, Company Secretary and Compliance Officer.
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What the company code says about trading plans
The same code says approved plans are generally irrevocable and are to be implemented, subject to specified exceptions. It also says trading under an approved plan cannot start earlier than 120 days after the plan’s public disclosure. Those general provisions explain the framework; the 21 August notice concerns a committee’s assessment of one missed purchase, not a public explanation of the exception or reason that applied to GTIPL.
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