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
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Awaiting price reaction for this filing.
BSE and NSE have each imposed a fine of Rs. 5,42,800 (Rs. 4,60,000 plus 18% GST) on Shipping Corporation of India (SCI) for not meeting the Board composition requirements under Regulation 17(1) of SEBI Listing Regulations. The shortfall is in the number of Independent Directors, including an Independent Women Director, required on the Board. SCI explained that as a Navratna PSU, the appointment of directors is the prerogative of the Competent Authority (Government of India), and the company is working to get the vacancies filled. The company says the fine will not have a significant financial or operational impact and is in the process of writing to both exchanges seeking waiver or resolution.
The financial impact is negligible (about Rs. 10.85 lakh in total from both exchanges), so this is unlikely to move the stock. However, it flags a governance/compliance lapse due to missing Independent Directors, which investors should track as it reflects on Board quality and regulatory standing.