S.A.L. Steel Limited has informed the Exchange about General Updates
SALSTEEL · price
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S.A.L. Steel Limited was fined Rs. 89,680 (Rs. 76,000 basic + Rs. 13,680 GST) by NSE and BSE for failing to appoint a qualified Company Secretary and Compliance Officer under Regulation 6(1) of SEBI LODR Regulations during the quarter ended March 2025. The fine was levied at Rs. 1,000 per day. The company explained that an industry-wide shortage of Company Secretaries and the factory location being far from city corporate hubs made recruitment difficult. The Board has now appointed Mrs. Radhika P. Soni as Company Secretary and Compliance Officer effective March 18, 2025, and has committed to strengthening compliance processes to avoid future penalties.
This is a relatively minor financial penalty (about Rs. 90,000) for a governance lapse rather than a business issue. The company has already appointed a Company Secretary, which resolves the non-compliance. However, persistent non-compliance in future quarters could trigger escalation to Z-group classification and trading suspension, which is a more serious risk for shareholders.