Secretarial Compliance report as per Regulation 24A of SEBI (LODR) Regulations, 2015
PNB · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Punjab National Bank has filed its annual Secretarial Compliance Report for FY 2024-25, prepared by Agarwal S. & Associates, Company Secretaries. The report flags several governance non-compliances during the year, mainly stemming from vacant Director positions on the Board, which are filled by the Government of India. Key issues include: lack of required number of Independent Directors (Regulation 17(1)(b)), absence of an Independent Woman Director since 12.09.2024 (Regulation 17(1)(a)), Audit Committee without a member having financial expertise from 21.12.2024 (Regulation 18(1)(c)), and Stakeholders Relationship Committee falling short of three members from 01.01.2025 to 20.01.2025. The Risk Management Committee was also not chaired by an Independent Director from 01.04.2024 to 27.09.2024. BSE levied a fine of Rs. 5,000 (plus GST) on the Bank for not giving prior intimation about the Board approval for issuance of Infrastructure Bonds (Regulation 50(1)(d)). A separate Rs. 5,000 penalty was imposed by NSE on subsidiary PNB Gilts Limited. The Bank has been requesting the Department of Financial Services to fill the Board vacancies.
This is a routine annual compliance disclosure and not an earnings-related event. The fines are minor (Rs. 5,000 each) and unlikely to affect the stock price. However, the persistent Board vacancies raise governance concerns, though the Bank has limited control since Director appointments rest with the Government of India.