NSE fine for non-compliance with board composition rules
MAZDOCK · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mazagon Dock informed NSE about board comments on a fine of about Rs 8.72 lakh (including GST) levied for non-compliance with SEBI Listing Regulations, namely Regulation 17(1) on board composition, Regulation 18(1) on audit committee and Regulation 19(1)/19(2) on nomination and remuneration committee, for the quarter ending June 2026. The Board noted that as a Government company, the power to appoint Independent Directors vests with the President of India. The company has again written to the Ministry of Defence requesting appointment of sufficient Independent Directors and will continue follow up.
Minor fine stemming from shortfall of Independent Directors. As a Government PSU, board appointments depend on the Ministry of Defence, so no material business impact.