Shipping Corporation Of India Limited has informed the Exchange regarding 'Board Comments on fine levied by the Exchange'.
SCI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
NSE had imposed fines on SCI for not following SEBI Listing Rules. The issues were: not having enough Independent Directors (including a woman Independent Director) on the Board, improper composition of statutory committees, lack of quorum, and late filing of shareholding pattern for the quarter ended December 31, 2024. The Board explained that as a government PSU, SCI cannot appoint its own Directors — this power rests with the Administrative Ministry (Ministry of Ports, Shipping and Waterways), which SCI had already been requesting. The Ministry appointed three new Non-official Independent Directors on April 11, 2025, and the statutory committees were reconstituted on the same date. The company has asked both NSE and BSE to waive off all the fines, and NSE has already waived one fine (related to shareholding pattern filing) after the company submitted a representation.
This is a minor procedural matter with limited impact on shareholders. The compliance gaps are being fixed through new Director appointments, and fines are being waived. No material effect on stock price is expected, though it highlights governance delays common in PSUs awaiting Ministry-level appointments.