Please refer the attachment.
Awaiting price reaction for this filing.
NLC India Limited filed its Annual Secretarial Compliance Report for the financial year ended 31st March 2025, as required under Regulation 24A of SEBI (LODR) Regulations. The report, prepared by D. Hanumanta Raju & Co., flagged several non-compliances related to board composition and committee requirements. The company did not have the required number of Independent Directors and lacked an Independent Woman Director for most of the year, leading to failures in board meeting quorum and committee composition (Audit, Nomination & Remuneration, Stakeholders Relationship, Risk Management). BSE and NSE imposed aggregate fines of approximately Rs. 21.5 lakh across multiple quarters for these lapses, plus Rs. 28,320 (including GST) for delayed submission of an interest payment certificate on bonds. The non-compliances arose mainly because director appointments for this Government of India enterprise vest with the President of India via the Ministry of Coal, which caused delays. The situation was largely resolved on 28.03.2025 when three Independent Directors were appointed, restoring committee compliance from 29.03.2025. The company has not paid the fines and has requested stock exchanges to waive them.
This is a routine annual compliance filing, and the governance issues stem from government-related delays in director appointments rather than operational or financial concerns. Fines are relatively small for a Navratna PSU of this size, and the company achieved compliance by year-end, so material impact on the stock price is unlikely.