Shipping Corporation Of India Land And Assets Limited has informed the Exchange regarding 'Board Comments on fine levied by the Exchange'.
SCILAL · price
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On the reaction day the stock moved 1.0 pts more than Nifty Microcap 250 and 1.2 pts more than its Investment Company peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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NSE and BSE each levied a fine of Rs. 14,23,080 (inclusive of 18% GST) on Shipping Corporation of India Land and Assets Limited (SCILAL) for non-compliance with SEBI (LODR) Regulations during Q3 FY2024-25 (October to December 2024). The non-compliance was due to non-appointment of Independent Directors including a woman director, failure to meet Board meeting quorum, and non-constitution of statutory committees. The Board explained that as a Public Sector Undertaking, appointment of directors rests with the Administrative Ministry (MoPSW), which it had already approached. One Independent Director was appointed on 15.04.2025 and statutory committees have since been constituted, though Board composition still does not fully meet mandated norms. The company has also written to NSE requesting a waiver of the fine.
The fine amount is small relative to the company's size and is unlikely to materially affect financials, but it highlights ongoing corporate governance lapses at SCILAL due to delays in director appointments by the government. The Board composition still falling short of regulatory norms remains a concern for investors focused on governance standards.