Bank Of India has informed the Exchange regarding 'Secretarial Compliance Report for year ended 31.03.2025'.
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Bank of India has submitted its Annual Secretarial Compliance Report for FY 2024-25, prepared by Sawant & Associates (Practising Company Secretary) under SEBI Regulation 24A. The report flags a few compliance deviations: (1) the Compliance Officer is positioned more than one level below the Board of Whole-time Directors (Regulation 6(1)); (2) Board composition fell short of the 1/3 Independent Director requirement for 10 days in March 2025 after an Independent Director's retirement, restored to compliance from 1 April 2025 (Regulation 17); (3) Audit Committee composition is not fully as per SEBI norms due to pending Board vacancies, which the Bank attributes to constraints under the Banking Companies Act, 1970 (Regulation 18); and (4) delayed submission of EGM voting results in XBRL format, attracting a fine of Rs. 10,000 each from NSE and BSE in January 2025 (Regulation 44(3)). All other areas — secretarial standards, insider trading, related party transactions, website disclosures, and policies — were found compliant.
The deviations are procedural and structural in nature rather than financial, and the penalties imposed are minor (Rs. 20,000 total). No material impact is expected on shareholders or stock price, though the persistent Audit Committee composition gap may attract follow-up queries from exchanges until board vacancies are filled by the Government of India.