Rajnandini Metal Limited has informed the Exchange regarding 'Comments of the Board on the fine levied by the Exchange'.
RAJMET · price
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NSE imposed a fine on Rajnandini Metal for failing to appoint a new Independent Woman Director within the required 3-month window after Mrs. Anjali resigned from the Board on October 1, 2024, leaving the company short on independent directors and without a woman director. The company was non-compliant for 82 days. Rajnandini applied for a waiver citing financial losses, difficulty finding a suitable candidate, and no willful default. NSE granted a partial waiver for the Nomination and Remuneration Committee issue but rejected the waiver for Board composition under Regulation 17(1). The final penalty of Rs. 4,83,800 (including GST) was paid by the company on August 7, 2025. The Board acknowledged the delay was due to time taken to identify a suitable woman candidate and assured non-recurrence.
This is a relatively minor regulatory penalty of about Rs. 4.84 lakh for a small-cap company, and it has already been paid. The company has since restored Board compliance by appointing Ms. Ankita Bhargava as Independent Director. While this reflects weak corporate governance practices in timely Board reconstitution, the financial impact on shareholders is negligible and the matter appears closed.