MMTC Discloses SEBI LODR Non-Compliance Due to No Independent Directors

Date: 31-08-2026

Regulatory Compliance Disclosure

MMTC Limited has disclosed significant non-compliance with multiple SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Non-Compliance Details

• The company has NO INDEPENDENT DIRECTOR on its Board
• This absence prevents the constitution and reconstitution of mandatory Sub-Committees of the Board
• The specific regulations affected include: Regulations 17(1), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2) of SEBI (LODR) Regulations, 2015

Reason for Non-Compliance

• MMTC Limited is a Government of India enterprise under the Ministry of Commerce & Industry
• All directors (including Independent Directors) are appointed by the Ministry
• The company has no control over the appointment of Directors on its Board

Company Actions

• MMTC has been regularly informing the Department of Commerce (DoC) regarding the appointment of requisite number of Directors
• The communications focus on the need for director appointments to enable constitution and functioning under SEBI (LODR) Regulations

Governance Impact

The absence of independent directors and mandatory board committees represents a significant governance deficiency affecting:

• Audit Committee constitution and functioning
• Nomination and Remuneration Committee operations
• Other regulatory required board committees

Not Specified: Financial Results, Dividend Declaration, Board Meeting Outcomes, Auditor's Report, Disinvestment/Strategic Actions, Media Release/Investor Communication, Other Operational/Legal/Strategic Disclosures