Date: June 02, 2026

Board Meeting Outcomes

The Board of Directors discussed the matter of non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 at their meeting held on May 08, 2026. The key decisions and comments noted were:

  • The Company Secretary informed that NSE and BSE had issued notices imposing a fine of ₹5,42,800 (inclusive of 18% GST) each for non-compliance with Regulation 17(1) for the quarter ended December 31, 2025 (Q3 FY2025-26).
  • The Board noted that SCI, being a Public Sector Undertaking, only the Administrative Ministry (Ministry of Ports, Shipping and Waterways - MoPSW) has the power to appoint, remove, or change Directors on the Board.
  • The Board took note of the waiver request letters sent to NSE and BSE via emails dated March 05, 2026.
  • The Board also noted the subsequent actions taken by the Company under SEBI Listing Regulations, 2015, which include making disclosures to Stock Exchanges and making consistent requests to the Ministry of Ports, Shipping and Waterways to appoint the requisite number of Independent Directors, including a Woman Independent Director.

Regulation, Compliance & Legal Disclosures

The fine was levied by the National Stock Exchange of India Limited (NSE) under notice ref no. NSE/LIST-SOP/COMB/FINES/0215 dated February 27, 2026. The specifics of the fine are:

  • Regulation Violated: SEBI (LODR) Regulations, 2015 - Regulation 17(1)
  • Period of Non-compliance: Quarter ended December 31, 2025 (Q3 FY2025-26)
  • Fine Calculation: ₹5,000 per day for 92 days of non-compliance, totaling ₹4,60,000
  • GST: 18% on the fine amount, totaling ₹82,800
  • Total Fine Payable: ₹5,42,800 (inclusive of GST)
  • The notice states that if the company is still non-compliant as of the date of the letter, the fine amount will continue to increase every day until compliance is achieved.

The company has submitted a request for waiver of the fines to both stock exchanges via letters dated March 05, 2026.

Other Operational / Legal / Strategic Disclosures

The core reason for the non-compliance, as stated by the Board, is the company's status as a Public Sector Undertaking (PSU), where the power to appoint directors rests solely with the administrative Ministry (MoPSW). The company has been making consistent requests to the Ministry to appoint the requisite number of Independent Directors, including a Woman Independent Director.