The Shipping Corporation Of India Ltd. has submitted its Annual Secretarial Compliance Report for the financial year ended 31st March, 2026. This report, issued by Mr. Upendra Shukla, Practicing Company Secretary, details the company’s compliance with various SEBI regulations. The report confirms the company’s adherence to the majority of the prescribed norms, with specific observations noted regarding board composition and committee functioning during the review period.
Company Submits Annual Secretarial Compliance Report
The Shipping Corporation of India Ltd. (SCI) has officially released its Annual Secretarial Compliance Report for the financial year concluding on 31st March, 2026. This report is in accordance with Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Report Findings and Observations
The report, prepared by Mr. Upendra Shukla, a Practicing Company Secretary, indicates that SCI has largely complied with the applicable regulations and circulars. However, specific observations were made during the review period regarding the composition of the Board of Directors and various committees, including the Audit Committee, Nomination & Remuneration Committee, Stakeholders’ Relationship Committee, and Risk Management Committee. These observations primarily relate to the constitution of these bodies and adherence to quorum requirements during certain periods within the financial year.
Compliance Status
Key areas examined in the report include:
- Composition of the Board of Directors: Deviations were noted regarding the optimum combination of executive and non-executive directors, the presence of a Woman Director, and the requisite numbers of Independent Directors.
- Committee Functioning: Several committees, including the Audit Committee, Nomination & Remuneration Committee, Stakeholders’ Relationship Committee, and Risk Management Committee, were not duly constituted for certain periods.
The report highlights that BSE and NSE levied penalties for non-compliance in specific quarters, which the company subsequently requested waivers for. Management has confirmed continuous endeavors and representations to the Competent Authorities for appointing the requisite number of Directors and ensuring proper constitution of committees. The report also confirms that the company is generally in compliance with Secretarial Standards, policy updation, website maintenance, and director disqualification norms.
Conclusion
Overall, the Annual Secretarial Compliance Report for the year ended 31st March, 2026, signifies that while the company has addressed most regulatory requirements, ongoing efforts are being made to rectify the observed deficiencies in board and committee compositions to ensure full compliance moving forward.
Source: BSE
