Cochin Shipyard Fined ₹19.1 Lakhs for Director Non-Compliance
Cochin Shipyard Ltd has been fined a total of ₹19.11 Lakhs (including GST) by BSE and NSE for non-compliance with SEBI LODR Regulations concerning the composition of its Board of Directors and the constitution of its Audit and Nomination & Remuneration Committees. The non-compliance stems from the absence of a sufficient number of independent directors. The company's Board acknowledged that the appointment of directors rests with the Government of India. While one independent director has been appointed, the appointment of five others is pending. The Board has resolved to continue follow-ups with the Ministry of Ports, Shipping & Waterways and to seek waivers from the stock exchanges upon achieving compliance.
Key Highlights
- Fined ₹19.11 Lakhs for SEBI LODR non-compliance.
- Non-compliance due to insufficient independent directors.
- Board appointment power rests with Government of India.
- Awaiting appointment of five independent directors.
- Company to follow up with Ministry and seek waivers.
Price Impact
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