Annual Secretarial Compliance Report under Regulation 24A of SEBI (LODR) Regulations, 2015 for the year ended 31.03.2025
SCILAL · price
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Shipping Corporation of India Land and Assets Ltd (SCILAL) has filed its Annual Secretarial Compliance Report for FY 2024-25, revealing multiple non-compliances with SEBI LODR regulations. The Board lacked the required number of Independent Directors and a Woman Director, and key committees (Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management) were not constituted during the review period. Both BSE and NSE levied fines totalling Rs. 39,90,760 per exchange across four quarters (Q4 FY24 to Q3 FY25) for these lapses. The company, being a PSU, attributed the gaps to delays by the Competent Authority in appointing directors despite repeated requests. Following the appointment of Prof. (Dr.) K. Jayaprasad as Independent Director on 15 April 2025, the committees have since been formed, though composition of the Audit Committee and NRC still remains non-compliant.
These prolonged governance lapses and recurring stock exchange fines highlight weak board composition, which is a concern for institutional investors. The recent appointment of an Independent Director is a step toward resolving compliance issues, but the stock may continue to face regulatory scrutiny and further penalties until full compliance is achieved.