Shipping Corporation of India Land and Assets Limited (SCILAL) has informed that its Board of Directors, in a meeting held on February 4, 2026, discussed and took note of the fines levied by the National Stock Exchange (NSE) and BSE. These fines, amounting to ₹9,77,040 each (inclusive of GST @ 18%), were imposed for non-compliance with SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, specifically concerning the composition of the Board, including the failure to appoint a woman director, and non-compliance with the constitution of the Audit Committee and Nomination and Remuneration Committee during the period from July 1, 2025, to September 30, 2025 (Q2 FY2025-26). The Company Secretary informed the Board that the non-compliances were due to the absence of requisite Independent Directors, including a woman director, on the Board. SCILAL, being a Public Sector Undertaking, stated that the power to appoint or remove directors rests with the Administrative Ministry, the Ministry of Ports, Shipping and Waterways (MoPSW). The company had previously requested the MoPSW, via letters dated December 2, 2025, and January 23, 2026, to appoint the necessary directors, and the Ministry has indicated that this is under active consideration. Furthermore, SCILAL has requested the respective stock exchanges to waive off the fines, with a request letter sent on December 2, 2025. The NSE's notice dated November 28, 2025, detailed the specific regulations violated (17(1), 18(1), and 19 of SEBI LODR) and the calculation of the fine, which totaled ₹8,28,000 plus GST, amounting to ₹9,77,040. The notice also outlined the procedure for requesting a waiver, emphasizing that compliance is a prerequisite for processing such applications.
