Hindustan Copper Limited has informed the Exchange regarding 'Comments of Board of Hindustan Copper Limited on fine levied by the exchanges for the Quarter Ended 31.03.2025 is submitted.'.
HINDCOPPER · price
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Hindustan Copper Limited (HCL) has been fined Rs. 12,81,480 each by BSE and NSE (total about Rs. 25.63 lakhs) for non-compliance with SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015 for the quarter ended 31.03.2025. The violations relate to the composition of the Board and constitution of required Committees — essentially the company does not have enough directors in place. HCL explains that as a Government Company, the power to appoint directors lies with the President of India through the Ministry of Mines, and it has already requested the Ministry to appoint 5 part-time non-official/Independent Directors and 1 Government Nominee Director. The Board, at its meeting on 30.06.2025, has decided to approach the Ministry and the Exchanges to seek exemption from paying the fine under the Uniform Carve Out Policy.
The fine amount is small and not material to HCL's financials, but the issue highlights an ongoing corporate governance gap caused by delayed government appointments of independent directors. Shareholders should watch for resolution through the Ministry of Mines; until vacancies are filled, similar fines may recur each quarter.