Shipping Corporation Of India Land And Assets Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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The company received penalty notices from both BSE and NSE levying fines of Rs. 9,55,800/- each (totaling Rs. 19,11,600/-) for non-compliance during Q4 FY2026. The fines were for three regulatory violations: failure to appoint a woman director on the Board (Rs. 5,31,000), non-compliance with audit committee constitution (Rs. 2,12,400), and non-compliance with nomination and remuneration committee constitution (Rs. 2,12,400). Following the appointment of an Independent Director on 15.04.2025, the company has constituted all Board-level committees, but committee compositions still lack the required number of Independent Directors. Being a PSU, the company is coordinating with the Competent Authority for appointment of more Independent Directors and has requested waiver of the fines from both exchanges.
The penalties are relatively small and the company states they do not have significant financial impact. However, the underlying governance issues (lack of proper board composition) remain unresolved and could attract further regulatory action if not addressed. The request for waiver may or may not be granted.