Annual Secretarial Compliance Report for the year ended 31.03.2025
SCI · price
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Shipping Corporation of India (SCI) submitted its Annual Secretarial Compliance Report for FY2024-25, prepared by Practicing Company Secretary M/s. Mehta & Mehta. The report flagged several non-compliances with SEBI's Listing Regulations, mainly stemming from the company's Board lacking the required number of non-executive directors, independent directors, and an independent woman director. Board committees — Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management — were also not duly constituted for parts of the year. Both BSE and NSE levied fines of Rs. 25,27,560 each during FY2024-25 across Q1, Q2, and Q3 for these lapses. SCI explained it is a Navratna PSU and director appointments are made by the Competent Authority (Government of India); the company has repeatedly requested the appointment of independent directors and the matter remains under active consideration. Other compliance areas like secretarial standards, insider trading, related party transactions, and event disclosures were found satisfactory.
The persistent Board composition gaps mean SCI has been paying recurring quarterly fines to both stock exchanges and faces continued regulatory scrutiny. Until the Government fills the independent director positions, these non-compliances and penalties are likely to continue, though the issue is administrative rather than financial — it does not affect the company's operations or financial health.