Key Quantitative Figures
- BSE imposed a fine of ₹9,55,800
- NSE imposed a fine of ₹9,55,800
- Total fine amount: ₹19,11,600
Dates of Action
- Email from BSE received: May 27, 2026
- Letter from NSE (No. NSE/LIST-SOP/COMB/FINES/0611) received: May 27, 2026
- Board meeting held: June 12, 2026 (464th meeting)
- Disclosure letter dated: June 16, 2026
Parties Involved
- Hindustan Copper Ltd (Company)
- BSE Limited (Exchange)
- National Stock Exchange of India Ltd (Exchange)
- Ministry of Mines, Government of India (Promoter/Appointing Authority)
- President of India (Ultimate appointing authority as per Articles of Association)
Reason for Non-Compliance
HCL being a Government Company, the power of appointment of Directors is vested with the President of India, acting through the Ministry of Mines, Government of India. The company had written to the Ministry for appointment of five part-time non-official/Independent Directors, and the matter remains under consideration.
Board Action
The matter was placed and discussed in the 464th Board meeting held on June 12, 2026. The Board advised taking up the matter with the Ministry/Exchanges for seeking exemption from payment of fine.
Communication with Promoter
The matter was brought to the knowledge of the Promoter (Government of India through Ministry of Mines) with a request to appoint directors to fill vacant posts for compliance with statutory requirements.
Current Status
HCL has requested both exchanges to grant exemption from payment of fine under the Uniform Carve Out Policy of the Exchange.
Financial Impact
The immediate financial impact is the potential liability of ₹19,11,600 if exemption is not granted. The disclosure does not indicate whether provisions have been made for this amount.