MTNL · price
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MTNL has submitted its Annual Secretarial Compliance Report for FY ended March 2026, revealing multiple non-compliances with SEBI regulations. The company failed to maintain proper board composition as required under Regulation 17(1), lacking sufficient Independent Directors throughout the year. Similarly, committees including Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management were not properly constituted from April to mid-April 2025. Total fines imposed by BSE and NSE amount to approximately Rs. 45.14 lakh across all violations. MTNL, being a PSU, stated that appointment of Independent Directors is done by the Department of Telecommunications (DoT), causing delays. Two Independent Directors were appointed from April 15, 2025, but as of March 31, 2026, MTNL still needs 4 more Independent Directors to comply with the requirement that half the board should comprise Independent Directors.
These regulatory non-compliances indicate governance issues at MTNL. While the company has partially rectified the situation by appointing two Independent Directors, it still needs four more to meet SEBI requirements. Shareholders should note that continued non-compliance may result in further fines and regulatory scrutiny.