Indian Railway Catering And Tourism Corporation Limited has informed the Exchange about General Updates
IRCTC · price
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Awaiting price reaction for this filing.
IRCTC has received notices from both BSE and NSE imposing fines of ₹6,54,900 each (approximately ₹13.1 lakhs total) for non-compliance with SEBI LODR Regulations 17(1), 18(1), and 19(1)/19(2) for the quarter ended June 30, 2025. The non-compliance relates to inadequate composition of the Board of Directors, including the absence of a woman director, and improper constitution of the Audit Committee and Nomination & Remuneration Committee. The company has explained that as a Government Company, the power to appoint Directors, including Independent Directors and Independent Women Director, lies with the President of India through the Ministry of Railways, and the matter is pending with the Government. IRCTC has already requested the exchanges to review and waive the fine, noting that similar past requests were granted.
Minimal impact on shareholders — the fine amount is negligible relative to IRCTC's financials, and the company confirms no material impact on operations. However, the issue highlights ongoing governance gaps and dependence on Government of India for board appointments, which is a recurring concern for this PSU.