Shipping Corporation Of India Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015
SCI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Shipping Corporation of India (SCI) has disclosed that it received penalty notices from both BSE and NSE levying fines of Rs. 5,31,000/- each (Rs. 4,50,000 plus 18% GST). The penalties are for non-compliance with Regulation 17(1) of SEBI Listing Regulations concerning the composition of the Board of Directors. The company, a Navratna PSU, stated that it is coordinating with the Competent Authority for appointment of requisite Independent Directors including an Independent Women Director on its Board. SCI clarified that only the Competent Authority has the power to nominate Directors on its Board. The company considers the impact to be insignificant and is submitting request letters to both exchanges.
The fine amount is relatively small (~Rs 10.6 lakh combined) and the company has stated there is no significant financial or operational impact. However, continued non-compliance with board composition norms could attract further regulatory action or stricter penalties going forward.