Shipping Corporation Of India Limited has informed the Exchange regarding 'Board Comments on fine levied by the Exchange'.
SCI · price
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Awaiting price reaction for this filing.
NSE and BSE imposed a total fine of approximately Rs. 14.16 lakhs (Rs. 12 lakh + 18% GST) on SCI for non-compliance with SEBI (LODR) Regulations for the quarter ended March 31, 2025. The non-compliance related to Board composition (lack of required Independent Directors including a Woman Independent Director) and constitution/quorum of statutory committees under Regulations 17(1), 17(2A), 18(1), 19, 20 and 21(2). SCI explained that as a Navratna PSU, only the Administrative Ministry (MoPSW) has the power to appoint directors. Three Non-official Independent Directors were appointed on 11.04.2025 and statutory committees were reconstituted, after which the Company filed waiver applications with both exchanges. Board composition under Regulation 17(1) remains non-compliant as SCI is still coordinating with MoPSW for additional independent director appointments.
This is a procedural compliance issue with a relatively small fine (about Rs. 14.16 lakhs) and limited direct financial impact. The Company has already taken corrective action by securing independent director appointments and has filed for waiver. Investors should note that full board composition compliance is still pending and depends on government action, but the risk of trading shifting to Z-category (trade-for-trade) exists if non-compliance continues under Regulations 17(1), 18(1) and 27(2).