Bank Of India has informed the Exchange regarding 'Secretarial Compliance Report for FY 2025-26'.
BANKINDIA · price
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Bank of India has filed its Secretarial Compliance Report for FY 2025-26, audited by M/s. Sawant & Associates. The report identifies three key non-compliances: (1) Regulation 6(1) - Compliance Officer is appointed more than one level below the board, (2) Regulation 17 - Board composition falls below the required 1/3rd independent directors since November 2025 when an Executive Director appointment increased Board strength to 10 with only 3 Independent Directors, and (3) Regulation 18 - Audit Committee lacks required 2/3rd independent members due to RBI guidelines restricting directors on Management/Credit Committees from being on Audit Committee. Additionally, a Rs. 10,000 fine was levied by both NSE and BSE for delayed XBRL filing of shareholder meeting voting results. The Bank attributes these issues to government-controlled Board appointments and RBI regulatory constraints, stating it has requested forbearance from regulators.
The non-compliances are largely structural due to government appointment processes and RBI guidelines, not financial misconduct. However, ongoing regulatory scrutiny and unfilled Board vacancies could create minor investor concern until resolved.