Mishra Dhatu Nigam Limited (MIDHANI) has been fined ₹12,59,060/- by both the BSE Limited and the National Stock Exchange of India Limited for non-compliance with various regulations, including those related to Board composition. The fines, applicable for the quarter ended June 30, 2026, stem from breaches of regulations concerning company disclosures and governance. MIDHANI plans to request a waiver for these penalties.
Stock Exchanges Levy Fines on MIDHANI
Mishra Dhatu Nigam Limited (MIDHANI) has announced that the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) have each imposed a fine of ₹12,59,060/- (inclusive of GST). These penalties were levied for the quarter ended June 30, 2026, due to non-compliance with several provisions under the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (SEBI LODR). The affected regulations include those pertaining to Board composition, reporting, and other disclosure requirements.
Details of Non-Compliance
The non-compliance specifically relates to breaches under Regulation 17(1), Regulation 17(2A), Regulation 18(1), Regulation 19(1)/19(2), Regulation 20(2)/(2A), and Regulation 21(2) of SEBI LODR. MIDHANI has clarified that as of the current date, it has not paid these fines. The company’s stance is that the authority for the appointment of Directors rests with the President of India through the Ministry of Defence, and the MIDHANI Board has no role in this process.
Request for Fine Waiver
MIDHANI intends to submit a formal request to both NSE and BSE for a waiver of these imposed fines. This request will be made in accordance with NSE circular No: NSE/CML/51846 dated March 31, 2022, and based on the principle of impossibility of compliance as per the exemption policy for fines. The company has stated that the levied fines have no impact on its financial performance, operations, or other business activities.
This intimation is provided for the information of the exchanges and their members.
Source: BSE
