Engineers India Limited has informed the Exchange regarding 'Board Comments on fine levied by Stock Exchanges'.
ENGINERSIN · price
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NSE and BSE each levied a fine of Rs. 5,42,800 (including 18% GST) on Engineers India Limited for not having the required number of Independent Directors on its Board during the quarter ending September 30, 2025, in violation of Regulation 17(1) of SEBI Listing Regulations. EIL's Board, at its 391st meeting on February 12, 2026, noted that as a Public Sector Undertaking, only the President of India through the Ministry of Petroleum and Natural Gas (MoPNG) has the power to appoint directors, and the company needs four more Independent Directors to achieve compliance. The company has already requested a waiver of the fines, citing that the non-compliance is beyond its control, but the exchanges have said waivers will only be considered after full compliance is achieved.
This is a minor regulatory compliance issue with a small financial impact (about Rs 10.85 lakhs combined across both exchanges) and does not affect business operations. For shareholders, the key point is that the non-compliance is structural due to EIL being a government PSU awaiting director appointments from MoPNG, and not due to any management lapse or wrongdoing.