NLC India Limited has informed the Exchange about General Updates
NLCINDIA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
NLC India Limited has received notices from both BSE and NSE regarding non-compliance with SEBI LODR Regulations concerning Board composition requirements, including failure to maintain proper composition of Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk Management Committee, and appointment of Women Director. Both exchanges have imposed a fine of Rs. 5,68,760/- each (including GST). The company has requested waiver of the fines, citing that being a Government Company, the power to appoint Directors vests with the President of India. The company claims the non-compliance was neither due to negligence nor within management's control. The total financial impact is limited to the fines imposed, with no impact on operations.
The fine amount of approximately Rs. 11.4 lakh is minor for a company of NLC India's size. However, continued non-compliance could attract further penalties. The waiver request outcome remains to be seen and will be watched by investors.