Comments of Board regarding the fine imposed by BSE is hereby submitted.

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+5.4%1-day move

₹33.95

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₹35.00

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AI summary

BSE has imposed a fine of Rs. 4,60,000 plus GST on Hindustan Organic Chemicals Ltd for non-compliance with Regulation 17(1) of SEBI LODR Regulations, which pertains to the composition of the Board of Directors. The non-compliance occurred during the quarter ended September 30, 2025. In the 426th Board meeting held on May 15, 2026, the Board noted that since director appointments are made by the Ministry of Chemicals and Fertilizers, Government of India, the non-compliance was beyond the company's control. The company has submitted a waiver application to BSE requesting complete waiver of the fine.

Likely market impact

The fine is a regulatory penalty for governance non-compliance, but the company argues it lacks control over board composition due to government appointment rights. A successful waiver application could mitigate the financial and reputational impact.