Pursuant to Regulation 24A(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, read with the applicable circulars ....
HEMIPROP · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Hemisphere Properties India Ltd (HPIL), a Government of India enterprise under the Ministry of Housing & Urban Affairs, has submitted its Annual Secretarial Compliance Report for FY25. The report flags multiple non-compliances with SEBI LODR regulations, all stemming from the company's failure to have the required number of Independent Directors on its Board and committees. BSE and NSE levied fines totalling approximately Rs. 24 lakh across four quarters on HPIL for Board composition violations (Rs. 5.36–5.43 lakh per quarter for FY25), plus Rs. 77,880 each per quarter for Audit Committee, Nomination & Remuneration Committee, and Risk Management Committee composition issues. HPIL also did not take Directors and Officers (D&O) insurance as required for top 1000 listed companies. The company has limited control over the situation because all directors, including independent directors, are appointed by the President of India through MoHUA — only one Independent Director was re-appointed on April 21, 2025.
These are recurring compliance penalties that the company considers unreasonable given it has no control over director appointments. While fines are relatively small and the issues are structural rather than operational, sustained non-compliance could attract further regulatory scrutiny. Shareholders should note the government dependency for governance fixes.