National Aluminium Company Limited has informed the Exchange regarding 'Comments of Board on fine levied by the Exchanges'.
NATIONALUM · price
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Awaiting price reaction for this filing.
BSE and NSE imposed a fine of Rs. 10,03,000 each (including 18% GST on a base fine of Rs. 8,50,000) on NALCO for non-compliance with SEBI (LODR) Regulations 17, 18, 19, 20 and 21 during the quarter ended 31 March 2025, mainly due to inadequate number of Independent Directors on its Board and committees. NALCO has explained to the exchanges that it is a Central Public Sector Enterprise (CPSE) and the appointment of directors lies with the Government of India, not the company. The Board, at its 356th meeting on 18 June 2025, took note of the fine and authorized the company to request the exchanges to condone the non-compliance and waive the penalty. NALCO has also escalated the matter to the Ministry of Mines to expedite the appointment of Independent Directors.
This is a corporate governance-related penalty and is not material to NALCO's financials or operations. However, it highlights an ongoing governance gap that may persist until the Government appoints the required Independent Directors, and investors should watch for resolution.