MOIL Limited has informed the Exchange regarding 'action taken by Board on non-compliance'.
MOIL · price
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MOIL Limited, a Government of India enterprise, has received a penalty of Rs. 5,31,000 from NSE for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015. The issue relates to insufficient Independent Directors on the Board. The company explains that all directors are appointed by the President of India through the Ministry of Steel, which is beyond the company's control. MOIL has been following up with the Ministry of Steel for the required appointments and is requesting waiver of the penalty under NSE's uniform carve out policy. The Board has reviewed the matter and advised to continue pursuing the waiver request.
The penalty represents a minor financial impact. The underlying issue of board composition non-compliance could raise governance concerns for investors, though the company has clearly attributed this to government appointment delays rather than corporate governance failures.