Date: August 14, 2026
Board Meeting Outcomes
The Board of Directors discussed fines imposed by BSE and NSE aggregating to ₹9,55,800 each (including GST @ 18%) for non-compliance with SEBI LODR Regulations during the quarter ended March 31, 2026.
Specific regulation violations include:
- Regulation 17(1): Composition of Board of Directors – absence of sufficient number of Independent Directors
- Regulation 18: Non-compliance with constitution of Audit Committee
- Regulation 19: Non-compliance with constitution of Nomination and Remuneration Committee
The Board acknowledged that the power to appoint Directors vests with the Government of India. The Ministry of Ports, Shipping & Waterways, Government of India appointed Dr. Seema Suri as an independent director on May 20, 2025 (via letter No. SY-11012/1/2016-CSL).
The appointment of the remaining five independent directors is still awaited from the Government of India. The Audit Committee and Nomination and Remuneration Committee can only be reconstituted in line with SEBI LODR Regulations after sufficient independent directors are appointed.
The Board advised to continue following up with the Administrative Ministry and to file appropriate waiver requests with the Stock Exchanges once compliance is achieved, as per the extant Policy for Exemption of Fines.
Other Operational / Legal / Strategic Disclosures
This disclosure was made pursuant to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, which requires such matters to be placed before the Board and comments disseminated on the Exchange portal.