Penalty Details
- Total penalty amount: ₹4,92,000 (₹4,50,000 + ₹42,000) plus applicable GST
- First penalty: ₹4,50,000 plus GST for non-compliance with Regulation 17(1) (Composition of the Board of Directors)
- Second penalty: ₹42,000 plus GST for late compliance with Regulation 24A(2) (Secretarial Compliance Report)
- Violations occurred during quarter ended March 31, 2026
- BSE communicated penalties via emails dated 27.05.2026 and 22.06.2026
Board Review and Response
The matter was placed before the Board of Directors in the 428th Board meeting held on 07.08.2026 as required by BSE.
Regarding Regulation 17(1) Non-compliance
The Board noted that appointment of Directors in HOCL is carried out by the Ministry of Chemicals & Fertilizers, Department of Chemicals & Petrochemicals, Government of India. The non-compliance was therefore beyond the control of the Company.
Regarding Regulation 24A(2) Late Compliance
The Board was informed that the Annual Secretarial Compliance Report was submitted within the prescribed timeline in both PDF and XML formats. While the PDF report was correct, the XML file inadvertently pertained to the previous financial year instead of the current financial year due to an unintentional technical error during the filing process. The error was subsequently identified and rectified.
Board Directive
The Board directed that more caution should be exercised when making future BSE filings to prevent similar occurrences.
Submission Details
Document dated: 07.08.2026
Submitted by: Subramonian H, Company Secretary & Compliance Officer