As per attached intimation
Awaiting price reaction for this filing.
NBCC India filed its Annual Secretarial Compliance Report for FY 2024-25 with BSE and NSE, prepared by practicing company secretary Agarwal S. & Associates. The report flags non-compliance with SEBI LODR rules on board composition (Regulation 17) and four key committees (Regulations 18-21) due to a shortage of independent directors. As a government company, NBCC depends on the Ministry of Housing and Urban Affairs for director appointments, and after three independents exited on November 21, 2024, the board had no independent directors from November 22, 2024 till March 31, 2025. NSE and BSE levied cumulative fines of roughly Rs. 18.75 lakh per exchange for board composition issues across all four quarters and another Rs. 10.32 lakh per exchange for committee composition issues in the last two quarters (exclusive of 18% GST). The company has since confirmed that four independent directors have been appointed and the committees were reconstituted on May 16, 2025.
The penalties are small relative to NBCC's overall size and stem from delays in central government appointments rather than internal governance failures, so direct stock impact should be limited. The five-month board vacancy is a mild negative for governance-focused investors but has now been resolved.