Date: 10th July, 2026
Board Meeting Outcomes
The Board of Directors noted the status of fines levied by BSE and NSE for non-compliance with SEBI Listing Regulations regarding board composition. The Board directed management to:
- Make continuous follow-up with the concerned Ministry regarding penalties being levied
- Request the Stock Exchanges for waiver of the fine
Regulatory Compliance Disclosure
Nature of Non-Compliance:
- Violation of SEBI LODR Regulation 17(1) - Non-compliance with requirements pertaining to composition of Board of Directors
- Period: Quarter ended 31st March, 2026
Fine Details:
- Basic fine: ₹450,000 (₹5,000 per day for 90 days of non-compliance)
- GST @18%: ₹81,000
- Total Fine Payable: ₹531,000 (as of 27th May, 2026)
Additional Regulatory Provisions:
- If non-compliance continues, fine amount increases daily until compliance is achieved
- Failure to pay within 15 days may result in freezing of entire promoter shareholding
- Second consecutive quarter of non-compliance could result in transfer to Z group and trading suspension
Waiver Process:
- Company must achieve compliance before applying for waiver
- Non-refundable processing fee of ₹10,000 + 18% GST required if fine exceeds ₹5,000
- Waiver application must be submitted through NEAPS portal path: NEAPS>>Compliance>>Fine Waiver>>Waiver Request
Company's Defense:
- HUDCO is a Government Company where power to appoint Directors vests with the President of India through Administrative Ministry
- Request for appointment of requisite Independent Directors has been made to the concerned Ministry
- Appointment of Directors is beyond the control of the Company
Payment Instructions
BSE Payment:
- Virtual Bank Account: BSER08764 (ICICI Bank Ltd.-CMS Branch)
- IFSC Code: ICIC0000104
- Account Name: BSE Limited
NSE Payment:
- Bank: IDBI BANK LTD (BANDRA KURLA COMPLEX, MUMBAI)
- Use Unique Account Code for Annual Listing fees
- IFSC Code: IBKL0001000