Submission of Secretarial Compliance Report for F.Y. 2024-25.
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MOIL Limited submitted its annual Secretarial Compliance Report for FY 2024-25, filed by Practicing Company Secretary Joshi & Joshi, covering compliance with SEBI Listing Regulations. The report flagged several non-compliances related to Board composition and key committees — Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee — primarily due to inadequate independent directors on the Board. As a Government of India Enterprise, MOIL cannot appoint directors itself; appointments are made by the President of India through the Ministry of Steel, which the company says is outside its control. NSE and BSE levied penalties for non-compliance with Regulation 17(1) for four consecutive quarters in FY 2024-25, ranging from ₹5,36,900 to ₹5,42,800 per quarter per exchange (totaling roughly ₹43.6 lakh across both exchanges), none of which have been paid or waived. The Stakeholders and Risk Management Committee composition issues were rectified effective April 15, 2025. Other compliance areas — secretarial standards, website disclosures, insider trading, and event disclosures — were found to be satisfactory with no adverse observations.
Persistent governance non-compliance due to MOIL's status as a Government Company could attract further regulatory scrutiny or penalties from stock exchanges, potentially affecting its listing standing. Shareholders should monitor whether the Ministry of Steel appoints additional independent directors, which would resolve the outstanding Audit Committee and NRC composition issues.