Date: 26.09.2026

Regulatory Compliance Disclosure

Fine Details for Quarter Ended 30th June 2026

Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) imposed fines of ₹11,12,740 each (inclusive of GST @18%) on 25.08.2026 for non-compliance with SEBI LODR Regulations:

  • Regulation 17(1) - Non-compliance with board composition including failure to appoint woman director: ₹5,36,900 (Basic: ₹4,55,000 + GST: ₹81,900)
  • Regulation 18(1) - Non-compliance with constitution of Audit Committee: ₹2,14,760 (Basic: ₹1,82,000 + GST: ₹32,760)
  • Regulation 19(1)/19(2) - Non-compliance with constitution of Nomination and Remuneration Committee: ₹2,14,760 (Basic: ₹1,82,000 + GST: ₹32,760)
  • Regulation 20(2)/(2A) - Non-compliance with constitution of Stakeholder Relationship Committee: ₹1,46,320 (Basic: ₹1,24,000 + GST: ₹22,320)

Total fine per exchange: ₹11,12,740 (Basic: ₹9,43,000 + GST: ₹1,69,740)

Aggregate fine from both exchanges: ₹22,25,480

Prior Fines for Quarter Ended 31st March 2026

Both exchanges had previously imposed fines on 27.05.2026 totaling ₹7,64,640 per exchange (inclusive of GST @18%):

  • Regulation 17(1): ₹4,24,800 (Basic: ₹3,60,000 + GST: ₹64,800)
  • Regulation 18(1): ₹1,69,920 (Basic: ₹1,44,000 + GST: ₹25,920)
  • Regulation 19(1)/19(2): ₹1,69,920 (Basic: ₹1,44,000 + GST: ₹25,920)

Total fine per exchange: ₹7,64,640 (Basic: ₹6,48,000 + GST: ₹1,16,640)

Aggregate fine from both exchanges: ₹15,29,280

Cumulative Fine Amount

Total fines for both quarters: ₹37,34,760 (inclusive of GST)

Reason for Non-Compliance

The non-compliance resulted from inadequate strength of Independent Directors on the Board, including absence of requisite Woman Independent Director, which affected the constitution of:

  • Audit Committee
  • Nomination & Remuneration Committee
  • Stakeholder Relationship Committee

Company Actions and Communications

Management has pursued the matter with the Administrative Ministry for appointment of Independent Directors including a Woman Independent Director through multiple communications:

  • Letter dated 29.11.2024 (No. BCCL/CMD/F-7(C)/2024/233)
  • Letter dated 30.05.2025 (No. BCCL/CMD/F-7(C)/2025/364)
  • Letter dated 16.10.2025 (No. BCCL/CMD/F-2(A)/2025/474)
  • Letter dated 22/24.01.2026 (No. BCCL/CMD/F-60(A)/2026/543)
  • Letter dated 27.04.2026 (No. BCCL/CMD/F-60(A)/2026/614)
  • Letter dated 02.06.2026 (No. BCCL/CMD/F-60(A)/2026/648)
  • Letter dated 14/15.08.2026 (No. BCCL/CMD/F-2(A)/2026/720)
  • Letter dated 11.09.2026 (No. BCCL/CMD/F-2(A)/2026/747)

The company obtained specific exemptions from SEBI compliance up to listing date via letters dated 12.09.2025 and 11.12.2025.

Government Appointment Process

Appointment of Independent Directors in Central Public Sector Enterprises is carried out by Government of India with approval of the President of India, placing the matter beyond direct company control.

Board Meeting Outcomes (26th September 2026)

The Board of Directors made the following decisions:

  • Submission of request to Stock Exchanges for waiver of fines stating the facts
  • Taking up the matter with Ministry of Coal for appointment of Independent Directors to ensure compliance with Companies Act 2013 and SEBI LODR Regulations 2015