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Power Finance Corporation Ltd has submitted its Annual Secretarial Compliance Report for the year ended 31st March 2026, as required under SEBI regulations. The report reveals that the company had multiple compliance deviations during April-May 2025 related to board composition requirements. Specifically, the company failed to maintain the required 50% non-executive directors on the board, did not have an independent woman director initially, and several board committees (Audit, NRC, SRC, and RMC) lacked independent directors during the period. Stock exchanges imposed fines totaling Rs. 3,89,000 each on BSE and NSE for these non-compliances. The company attributes these delays to being a Central Public Sector Undertaking where board composition decisions rest with the Ministry of Power, Government of India. The report confirms that as of 31st March 2026, all compliance issues have been resolved with proper board composition achieved.
This filing shows regulatory non-compliance issues that have since been rectified. While no shareholder action is required, investors should note that fines were imposed for governance lapses and that the company is government-controlled, which may affect board appointment timelines.