Disclosure of event or information under Regulation 30 of SEBI (LODR) Regulations, 2015
Awaiting price reaction for this filing.
McNally Bharat Engineering has received notices from both BSE and NSE on 29 May 2025 flagging non-compliance with SEBI Listing Regulations for the quarter ended 31 March 2025. The violations relate to Board composition, quorum, and the non-constitution of the Audit Committee, Nomination & Remuneration Committee, and Stakeholders Relationship Committee. Both exchanges have imposed SOP fines of Rs. 63,68,40 each (inclusive of GST). The company explains that following the NCLT order dated 3 December 2024, it reconstituted its Board on 6 January 2025 and formed all required committees and appointed a Woman Director by 14 February 2025. It has filed the quarterly Corporate Governance Report on 17 April 2025 and is requesting the exchanges to withdraw the fines.
The financial hit is limited to about Rs. 1.27 crore in total fines, which the company is actively seeking to get revoked. For shareholders, the bigger signal is governance-related: the company is coming out of an NCLT-driven restructuring phase and is catching up on compliance, which is a positive operational step but flags past governance gaps.