Annual Secretarial Compliance Report for the year ended 31st March, 2026
MSTCLTD · price
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MSTC Ltd, a Mini Ratna Category-I PSU under Ministry of Steel, received its Annual Secretarial Compliance Report for FY 2025-26 from Practicing Company Secretary S Basu & Associates. The report found several deviations related to Board composition due to delays in government-appointed Independent Directors. Specifically, the Board lacked at least one Independent Woman Director from April to May 2025, and Independent Directors were below 50% of Board members throughout the year. The Board also had only 5 directors (instead of required 6) from April 1-15, 2025. Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee failed to meet constitution requirements during April-May 2025 due to insufficient Independent Directors. Three Independent Directors (including a Woman Director) were appointed by the government during the year, resolving most issues. Total fines of Rs.21.53 lakh were levied by BSE and NSE for these violations.
The compliance issues stemmed from the company's limited control over government-directed appointment processes for Independent Directors. While fines were imposed, BSE and NSE subsequently waived fines for committee-related violations after compliance was achieved, indicating a constructive regulatory approach for PSU governance challenges.