Date: 25.05.2026

Board Meeting Outcomes

The Board of Directors discussed the matter of non-compliance with SEBI (LODR) Regulations, 2015 at their meeting held on 05.05.2026. The key decisions and discussions were:

  • Noted that National Stock Exchange of India Limited (NSE) and BSE Limited have issued notices levying a fine amounting to ₹9,77,040/- (inclusive of 18% GST) each for non-compliance with Regulations 17(1), 18(1) and 19 of SEBI (LODR) Regulations, 2015.
  • The period of non-compliance was from 01.10.2025 to 31.12.2025 (Q3 of FY 2025-26).
  • The specific non-compliances were: failure to appoint Independent directors including a woman director on the Board of the Company, and non-compliance with constitution of statutory committees (Audit Committee and Nomination and Remuneration Committee).
  • The Board informed that as a Public Sector Undertaking, only the Administrative Ministry (Ministry of Ports, Shipping and Waterways - MoPSW) has the power to appoint/remove/change the Directors on the Board of the Company.
  • The Company had already written to MoPSW on 04.03.2026 and 26.03.2026 requesting appointment of requisite number of Independent directors and woman director, which is under active consideration of the Ministry.

Regulatory Action Details

Fine Breakdown from NSE (Reference: NSE/LIST-SOP/COMB/FINES/0215 dated 27.02.2026):

  • Regulation 17(1): Fine of ₹5,000 per day for 92 days = ₹4,60,000
  • Regulation 18(1): Fine of ₹2,000 per day for 92 days = ₹1,84,000
  • Regulation 19(1)/19(2): Fine of ₹2,000 per day for 92 days = ₹1,84,000
  • Subtotal Fine: ₹8,28,000
  • GST @18%: ₹1,49,040
  • Total Fine Payable (Inclusive of GST): ₹9,77,040

Note: If the Company remained non-compliant as of the date of the letter (27.02.2026), the fine amount would continue increasing every day until compliance is achieved.

Waiver Request

The Company has sent a request letter dated 02.03.2026 to the respective Stock Exchanges to waive-off the fine levied.

Compliance Officer Details

Shri Mohammad Firoz - Company Secretary and Compliance Officer

Stock Exchange Instructions

The Exchange required:

  • Payment of fines within 15 days from the date of the notice (27.02.2026)
  • Waiver applications to be submitted through NEAPS portal path: NEAPS>>Compliance>>Fine Waiver>>Waiver Request
  • Compliance is a pre-requisite for applying for waiver
  • Non-refundable processing fees of ₹10,000 plus 18% GST if fine amount is more than ₹5,000 exclusive of GST
  • Board comments on the fine to be submitted to Exchange through NEAPS portal path: NEAPS > COMPLIANCE > Announcements > Announcements/ CA