Shipping Corporation of India Land and Assets Ltd (SCILAL) informed exchanges on August 26, 2026, through a BSE filing that BSE and the National Stock Exchange had each levied a total fine of Rs 13,36,940, including 18% GST, for corporate-governance non-compliances during the quarter ended June 30, 2026.

The SCILAL exchange fine covers breaches related to the composition and functioning of its board and statutory board-level committees. BSE and NSE communicated their respective actions by email on August 25, the company said.

Break-up of penalties levied by each exchange

SEBI LODR provision Nature of non-compliance Fine including GST
Regulation 17(1) Board composition requirements, including failure to appoint a woman director Rs 5,36,900
Regulation 17(2A) Quorum requirements for board meetings Rs 11,800
Regulation 18(1) Constitution of the audit committee Rs 2,14,760
Regulations 19(1)/19(2) Constitution of the nomination and remuneration committee Rs 2,14,760
Regulations 20(2)/(2A) Constitution of the stakeholder relationship committee Rs 1,79,360
Regulation 21(2) Constitution of the risk management committee Rs 1,79,360

SCILAL said it constituted the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Risk Management Committee after Prof. (Dr.) K. Jayaprasad joined its board as a Non-Official Independent Director with effect from April 15, 2025.

During the quarter ended June 30, 2026, however, the Audit Committee and Nomination and Remuneration Committee did not fully meet statutory composition requirements because the board lacked the requisite number of independent directors.

The filing added that the Stakeholders Relationship Committee and Risk Management Committee also became non-compliant after the existing independent director completed a one-year tenure and ceased to hold office from April 15, 2026. The absence of the required number of independent directors also meant that the board meeting held on May 5, 2026 could not meet the prescribed quorum under Regulation 17(2A).

PSU coordinating on board appointments

SCILAL said that, as a public sector undertaking, it is coordinating with the competent authority for the appointment of the required number of independent directors in accordance with SEBI's Listing Obligations and Disclosure Requirements Regulations.

The company is also preparing to submit requests to BSE and NSE for waiver of the fines. It stated that the exchange action does not have a significant impact on its financial, operational or other activities, with the monetary effect quantifiable through the fines disclosed.

The filing identified the time of occurrence as 7:09 pm IST for the BSE communication and 9:53 pm IST for the NSE communication on August 25, 2026.

Source: BSE corporate announcement.