Board advises company to seek condonation of exchange fine for LODR non-compliance
BSE and NSE fined the company Rs.14.13 lakh each (including GST @18% on basic fine of Rs.12.13 lakh) for non-compliance with SEBI (LODR) Regulations for the quarter ended 30.06.2026.
By ScoutQuest · · 2 min read
- Fine imposed by BSE and NSE
- Rs.14.13 lakh each (including GST @18% on basic fine of Rs.12.13 lakh)
- Basic fine amount
- Rs.12.13 lakh
- Non-compliance period
- quarter ended 30.06.2026
What the exchanges have levied
BSE and NSE, through emails dated 25.08.2026, imposed a fine of Rs.14.13 lakh each on the company for non-compliance with Regulations 17(1), 17(2A), 18(1), 19(1)/(2), 20(2)/(2A) and 21(2) of SEBI (LODR) Regulations, 2015 for the quarter ended 30.06.2026.
- The amount includes GST @18% on a basic fine amount of Rs.12.13 lakh.
- The Board took cognizance of these communications at its 371st meeting held on 25.09.2026.
What the company has told the exchanges
- The company is a CPSE and the authority for appointment of Directors is vested with the President of India. The company states it does not have control over the same.
- The matter was informed on 31.08.2026 to the promoter of the company, the Government of India, through the Ministry of Mines, being the Administrative Ministry, with a request to expedite the early appointment of the requisite number of Independent Directors.
- A waiver application was submitted to BSE and NSE on 31.08.2026.
The Board's view
The Board advised the company to inform BSE and NSE that the company is a CPSE and that the authority for appointment of Directors is vested with the Govt. of India, and hence the company does not have control on the same. The Board advised that the non-compliances stated in the exchanges' emails dated 25.08.2026 for the quarter ended 30.06.2026 may be condoned and the penalties imposed for the quarter may be waived off.
What this update is
- It is the company's communication of the Board's comments on the fine, along with a request that the non-compliance for the quarter ended 30.06.2026 be condoned and the fine of Rs.14.13 lakh be waived.
- The company states that the matter relating to early appointment of the requisite number of Independent Directors is continuously being taken up with the Administrative Ministry for compliance under the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
How a reader can look at it
The trigger is a penalty linked to board composition requirements under the LODR Regulations. The company's stated position is that the underlying appointment of Independent Directors is outside its control, being vested with the President of India, and that it has escalated the matter to its Administrative Ministry and sought a waiver from the exchanges. The amounts involved are quantifiable from the update above.
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More numbers
- Fine imposed by each exchange, including GSTRs.14,13,340/-
- Basic fine amount before GSTRs.12,13,000/-
- GST rate applied on basic fine amount18%
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