MMTC Ltd Faces Board Committee Issues Due to Lack of Independent Directors

MMTC Limited has informed the exchange that it is unable to constitute mandatory sub-committees of its Board due to the absence of Independent Directors. This inability stems from the requirement under SEBI (LODR) Regulations, 2015, which necessitates the appointment of Independent Directors for forming these committees. As a Government of India enterprise under the Ministry of Commerce & Industry, MMTC has no control over director appointments, which are made by the Ministry. The company has been regularly communicating the need for director appointments to the Department of Commerce to comply with regulatory requirements.