Mstc Limited has informed the Exchange regarding 'Board comments on fine levied by the Stock Exchanges'.
MSTCLTD · price
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MSTC Limited informed the exchanges that the Board, at its meeting on August 13, 2025, reviewed the fines imposed by NSE and BSE for non-compliance with SEBI Listing Regulations for the quarter ended March 31, 2025. The non-compliance related to the composition of the Board (including absence of a woman independent director), quorum of Board meetings, and constitution of audit, nomination & remuneration, stakeholder relationship, and risk management committees. The Board noted that the Ministry of Steel appointed three independent directors during the June 2025 quarter, and MSTC is now largely compliant, with only one independent director position still vacant. Since MSTC is a Government Company, the power to appoint independent directors lies with the President of India through the Ministry of Steel, and is beyond the Company's control. The Board has asked the exchanges to waive the fine and will continue follow-up with the Ministry to fill the remaining vacancy.
The fine is a regulatory penalty for governance-related non-compliance but is largely a procedural matter, as MSTC has since become compliant on most counts. Investors should note the remaining one independent director vacancy and ongoing dependence on the Government Ministry for board appointments, though the financial impact of the fine is likely minor.