As per Regulation 24(A) of SEBI (LODR) Regulations 2015, Annual Secretarial Compliance Report is Submitted.
HINDCOPPER · price
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Hindustan Copper Ltd has submitted its Annual Secretarial Compliance Report for FY 2025-26 conducted by S Basu & Associates, Practicing Company Secretaries. The report identifies several non-compliances with SEBI LODR regulations primarily due to insufficient Independent Directors on the Board. Key violations include: (1) Independent Directors below the required 50% threshold throughout the year, (2) lack of Independent Woman Director, and (3) Board size falling below the minimum 6 directors required for top 2000 listed entities. Consequently, the Audit Committee and Nomination & Remuneration Committee were also not properly constituted. Fines totaling Rs. 21.53 lakh each were imposed by BSE and NSE for board composition violations, and Rs. 20.63 lakh each for committee constitution violations. The company has requested waiver of fines, citing that being a Government Company, director appointments are made by the President of India through the Ministry of Mines, and the matter is under government's consideration.
The recurring non-compliance with board composition norms poses governance risks. While the company has requested fine waivers citing government control over appointments, investors should monitor whether the Ministry of Mines addresses the vacant Independent Director positions. The company is otherwise compliant with other SEBI regulations including secretarial standards, policies, website disclosures, and insider trading norms.