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.
Hemisphere Properties India Limited, a Government of India enterprise under the Ministry of Housing and Urban Affairs (MoHUA), has filed its Annual Secretarial Compliance Report for the year ended March 31, 2026. The secretarial auditor, M/s Kumar Naresh Sinha & Associates, has reported multiple non-compliances with SEBI LODR Regulations primarily due to insufficient Independent Directors on the Board. Key violations include non-compliance with Board composition (Regulation 17(1)), Board quorum requirements (Regulation 17(2A)), and composition requirements for Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee. The company has also failed to take D&O insurance for Independent Directors. Both NSE and BSE have levied cumulative fines exceeding Rs 15.52 lakh during FY 2025-26. HPIL has maintained that since all Directors are appointed by the Government of India, the company has no role in appointment of Independent Directors and considers the levy of fines unreasonable.
The persistent non-compliance with board composition norms and related committee requirements highlights governance weakness stemming from inadequate Independent Directors. While HPIL attributes this to government control over appointments, the accumulated regulatory fines impact the company's financials. Investors should note that the company remains non-compliant as of March 2026 despite ongoing requests to MoHUA for Independent Director appointments.