NLC India has been fined ₹5,42,800 each by the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for non-compliance related to the appointment of a Women Director. The company has requested a waiver, citing that the power to appoint Directors vests with the President of India, as NLC India is a Government Company. The fines relate to non-compliance regarding the composition of the Board.
Fines Imposed
NLC India has received notices from the National Stock Exchange (NSE) and BSE, both dated November 28, 2025, regarding non-compliance with regulations pertaining to the Board of Directors’ composition. Specifically, the non-compliance relates to a failure to appoint a Women Director.
As a result of this non-compliance, the NSE and BSE have each imposed a fine of Rs. 5,42,800 (including GST). The company states that the imposition of these fines will have a limited financial impact.
Company Response
NLC India has formally requested a waiver of these fines. The company contends that as a Government Company, the authority to appoint Directors rests with the President of India.
Furthermore, NLC India states that the Ministry of Coal is consistently kept informed regarding the requirement to appoint the appropriate number of Independent Directors to the Board. The company also believes the non-compliance was not due to negligence or default and was outside the company’s management control.
Source: BSE