Annual Secretarial Compliance Report of the Bank for the Financial Year ended 31st March, 2025
Awaiting price reaction for this filing.
Central Bank of India submitted its Annual Secretarial Compliance Report for FY2024-25, prepared by M/s. SG & Associates, Practicing Company Secretaries, as required under SEBI LODR Regulation 24A. The report flags that the Bank's Board does not meet the 50% Independent Director requirement under Regulation 17(1) and lacks an Independent Woman Director, as director appointments are controlled by the Government of India. A penalty of Rs. 10,000 + GST was levied by BSE for delay in submitting the record date for annual interest payment on Basel III Tier II Bonds (Series IV, ISIN-INE483A08023); the Bank has applied for waiver and is awaiting BSE's response. Committee composition (Audit and Nomination & Remuneration) was below the required 3 members for certain periods during the year due to changes in director composition, but was compliant as of 31st March 2025. A similar prior-year record date delay for another Tier II Bond series also resulted in a BSE penalty whose waiver was rejected. Other compliance areas, including policies, website disclosures, related party transactions, and insider trading norms, were found to be in order.
For shareholders, the report shows mostly administrative and governance-level non-compliances stemming from the Bank's status as a government-controlled public sector bank, with only minor monetary penalties. The persistent Board composition gap and committee-level shortfalls may draw continued regulatory attention but are unlikely to materially affect stock price in the short term.