The comments of the Board of Directors w.r.t fine imposed for non-compliance of regulation 17(1) and regulation 20(2)/2(A) is hereby submitted
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BSE has imposed a fine of Rs. 5,61,680 (including GST) on Hindustan Organic Chemicals Ltd for non-compliance with SEBI Listing Regulations, specifically Regulation 17(1) (composition of Board / appointment of Independent Directors) and Regulation 20(2)/2(A) (constitution of Stakeholders Relationship Committee). The company had already requested a waiver of this fine on March 18, 2025. In the 420th Board meeting held on April 8, 2025, the Board took note of the matter and decided to follow up with the Administrative Ministry for appointment of Independent Directors and to formally file a waiver application with the Stock Exchanges. The Board stated that the non-compliance was neither due to the company's negligence nor within the management's control.
This is a minor compliance penalty (small relative to company size) and the Board is actively seeking a waiver, so direct financial impact on shareholders is limited. However, the underlying issue of pending Independent Director appointments is a recurring governance concern that investors should monitor, as it reflects ongoing challenges in board composition.