BCCL fines totalled Rs 37,34,760, including GST, across the March and June 2026 quarters, Bharat Coking Coal Ltd said in a BSE filing on September 26, 2026. Its board, meeting that day, called for submitting a request to BSE and NSE to waive the penalties and taking up independent director appointments with the Ministry of Coal.

The exchanges imposed the fines for non-compliance with SEBI Listing Obligations and Disclosure Requirements regulations governing board and committee composition. The company attributed the lapses mainly to insufficient independent directors, including the absence of the requisite woman independent director.

This shortfall also affected the composition of the Audit Committee, Nomination and Remuneration Committee, and Stakeholder Relationship Committee, according to the filing.

June-quarter penalties total Rs 22,25,480

Through notices dated August 25, 2026, BSE and NSE each imposed a fine of Rs 11,12,740, including GST, for the quarter ended June 30, 2026. The combined penalty for that quarter was Rs 22,25,480.

The June-quarter fine imposed by each exchange comprised:

  • Rs 5,36,900 for board composition non-compliance under Regulation 17(1), including failure to appoint a woman director.
  • Rs 2,14,760 for Audit Committee constitution under Regulation 18(1).
  • Rs 2,14,760 for Nomination and Remuneration Committee constitution under Regulations 19(1) and 19(2).
  • Rs 1,46,320 for Stakeholder Relationship Committee constitution under Regulations 20(2) and 20(2A).

All these amounts include GST. Earlier, each exchange imposed Rs 7,64,640 for the quarter ended March 31, 2026, as communicated on May 27. Those penalties totalled Rs 15,29,280 and covered board, Audit Committee, and Nomination and Remuneration Committee composition.

Board seeks ministry action on appointments

BCCL said management had repeatedly approached its administrative ministry for the required appointments, citing correspondence from November 2024 through September 11, 2026.

The company said independent director appointments in central public sector enterprises are made by the Government of India with presidential approval, placing the matter beyond its direct control.

BCCL also disclosed that SEBI had granted specific compliance exemptions up to the date of listing through letters dated September 12 and December 11, 2025. The board's September 26 comments called for a waiver request stating the facts; the filing does not report that either exchange granted a waiver.

Source: BSE corporate announcement.