Engineers India Limited has informed the Exchange regarding 'Board Comments on fine levied by Stock Exchanges'.
ENGINERSIN · price
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On the reaction day the stock moved 4.2 pts more than Nifty Smallcap 250 and 4.9 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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NSE and BSE have each levied a fine of Rs. 5,42,800 (including GST) on Engineers India Limited for non-compliance with SEBI Listing Regulation 17(1), which requires a minimum number of Independent Directors on the Board. The company failed to meet this requirement during the quarter ended 31 December 2025. As a PSU, EIL's director appointments are controlled by the President of India through the Ministry of Petroleum and Natural Gas (MoPNG). The company requires four additional Independent Directors to comply but lacks control over the appointment process. The Board has advised writing to the Joint Secretary, Corporate Affairs, MoPNG, and the company has requested a waiver of the fines.
The fine is a regulatory penalty but the company argues it is beyond its control due to government appointment processes. The stock exchanges have indicated waiver will only be considered after achieving full compliance.