Key Quantitative Figures
- Fine of ₹10,23,060 each imposed by NSE and BSE (Total: ₹20,46,120) for non-compliances with Regulations 17(1), 18(1), 19(1)/(2), 20(2)/(2A), & 21(2) of SEBI LODR Regulations for the quarter ended June 30, 2026.
- Fine of ₹29,500 each imposed by NSE and BSE (Total: ₹59,000) for non-compliance of Regulation 44(5) of Listing Regulations for FY 2025-26.
- Total fines disclosed: ₹20,93,120.
Dates of Action
- NSE fine communication date: August 25, 2026
- BSE fine communication date: September 29, 2026
- Board meeting date: October 28, 2026
- C&AG comments received: September 04, 2026
- Annual Report dispatch date: September 07, 2026
- 27th AGM conducted: September 29, 2026
Parties Involved
- Regulatory authorities: BSE Limited, National Stock Exchange of India Ltd., SEBI
- Administrative ministry: Ministry of Railways
- Auditor: Comptroller and Auditor General of India (C&AG)
- Professional body: Institute of Company Secretaries of India (ICSI)
Purpose/Rationale
The disclosure is made in compliance with listing regulations to inform shareholders about the fines imposed and the Board's deliberation on the matter.
Board Deliberations & Findings
The Board noted that non-compliances relating to Regulations 17(1), 18(1), 19(1)/(2), 20(2)/(2A), and 21(2) were due to reasons beyond the company's control. The company had proactively informed and requested the Ministry of Railways well in advance regarding potential non-compliances. The Board expressed concern about the notices and advised regular requests to the administrative ministry to expedite the appointment of the requisite number of Independent Directors, including a Woman Independent Director.
Regarding the AGM delay, the Board noted that the 27th AGM could not be convened by August 31, 2026, due to non-receipt of C&AG comments within the requisite timeframe. Upon receiving comments on September 04, 2026, the company dispatched the Notice with full Annual Report on September 07, 2026, ensuring compliance with all applicable regulations and successfully conducted the AGM on September 29, 2026.
Authorization
The Board authorized the Director (Finance) & Company Secretary to submit a formal request to NSE and BSE for waiver of the imposed fines.
Financial Impact
The disclosure mentions specific fine amounts totaling ₹20,93,120, but the financial impact of potential waiver is not quantified.