Nature of the Disclosure
Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding receipt of notices and imposition of fines from stock exchanges for non-compliance.
Key Quantitative Figures
A fine of ₹12,66,140/- (inclusive of GST) each was imposed by the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). The total financial implication is ₹25,32,280.
Parties or Entities Involved
- Regulatory Authorities: Bombay Stock Exchange (BSE), National Stock Exchange of India Limited (NSE).
- Individual: Bijay Prakash Dubey, Executive Director (Company Secretary) & Compliance Officer, signed the disclosure.
Purpose or Stated Rationale
The company states that the non-compliance was "neither due to any negligence/default by the Company nor within the control of CIL's management." CIL attributes the issue to delays in the appointment of Board Members, which is done by The President of India as per its Articles of Association. The company is regularly following up with the Ministry of Coal for the appointment of the requisite number of Independent Directors.
Financial or Operational Impact
The impact is a confirmed financial outflow of ₹12,66,140 to each exchange, totaling ₹25,32,280.
Company's Actions
CIL had requested BSE for a waiver of the penalty, noting that in the past, waiver requests were considered favorably by the Exchanges.