Hindustan Copper Limited (HCL) has formally requested exemption from paying a fine of Rs 14,43,140/- imposed by both BSE and NSE. This fine was levied for non-compliance with corporate governance regulations pertaining to the composition of its Board and Committees for the quarter ended September 30, 2026. The company attributes the non-compliance to a delay in appointing independent directors, a process dependent on the Ministry of Mines, Government of India.
Hindustan Copper Seeks Fine Exemption from Exchanges
Hindustan Copper Limited (HCL) has submitted a request to the stock exchanges seeking exemption from paying a fine amounting to Rs 14,43,140/- each. This financial penalty was imposed by both the BSE and the NSE due to non-compliance with certain corporate governance requirements of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Specifically, the non-compliance related to the composition of the Board and the constitution of Committees for the quarter that concluded on September 30, 2026.
Reasons for Non-Compliance and Request
In a letter dated November 11, 2026, HCL explained that as a Government Company, the appointment of Directors is vested with the President of India, acting through the Ministry of Mines. The company had previously written to the Ministry of Mines for the appointment of four part-time non-official/independent directors to comply with statutory requirements. The matter of these appointments is currently under consideration by the Ministry.
The Board of HCL, in its meeting held on November 11, 2026, discussed the matter and advised seeking exemption from the fine from the Ministry or the Exchanges. The company also informed the Promoter, the Government of India (through the Ministry of Mines), about the vacant director posts and requested their appointment to meet statutory compliance. HCL is thus requesting exemption from the payment of this fine under the Exchange’s Uniform Carve Out Policy.
Source: BSE
