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BSE has imposed a fine of Rs.10,01,820 on Andrew Yule & Company (AYCL) for non-compliance with SEBI LODR regulations 17(1), 18(1), 19(1)/(2) and 20(2)/(2A) during the quarter ended 30 June 2025. These regulations relate to the composition of the Board, Audit Committee, Nomination & Remuneration Committee, and Stakeholders Relationship Committee — essentially requiring the right number and type of directors including Independent Directors. AYCL has asked BSE to waive the fine, citing that it is a Central Public Sector Enterprise (CPSE) under the Ministry of Heavy Industries, and the power to appoint directors rests with the President of India. The company has also taken up the matter with the administrative ministry to appoint the requisite Independent Directors and restore compliance.
The fine is small (about Rs.10 lakh) and is a recurring governance issue common to CPSEs where director appointments are controlled by the government. Minimal direct financial impact on shareholders, but the non-compliance highlights ongoing gaps in Board composition that could persist until the ministry appoints the required Independent Directors.