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National Aluminium Company Limited (NALCO) has commented on the fine of ₹5,42,800 (including GST) imposed by the National Stock Exchange (NSE) and BSE for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015, for the quarter ended September 30, 2025.

The company informed the Ministry of Mines, Government of India, on December 5, 2025, requesting the early appointment of Independent Directors to ensure statutory compliance. NALCO clarified to BSE and NSE on the same date that as a Central Public Sector Enterprise (CPSE), the appointment of directors is vested with the President of India, and the company has no control over this process. Therefore, NALCO requested condonation of the non-compliance and waiver of the imposed penalties.

This matter was discussed in the 362nd Board of Directors meeting held on December 9, 2025. The Board acknowledged the notices from NSE and BSE regarding the fine and advised the Company Secretary to reiterate that NALCO is a CPSE and director appointments are outside its control. The Board resolved to request the exchanges to condone the non-compliance for the quarter ended September 30, 2025, and waive the penalties.

The company emphasized that the appointment of Independent Directors is beyond its control, as all directors are appointed by the President of India. NALCO continues to follow up with the administrative ministry for the timely appointment of the requisite number of Independent Directors.