Hindustan Copper Limited Faces Fine for Corporate Governance Non-Compliance
Hindustan Copper Limited (HCL) has been fined by both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Each exchange imposed a fine of ₹9,77,040 on the company.The non-compliance relates to Regulation 17(1), 18(1), and 19(1) & (2) of the SEBI (LODR) Regulations, 2015, concerning the composition of the board and the constitution of committees for the quarter ended December 31, 2025.
Hindustan Copper Limited, a government-owned company, stated that the appointment of directors is vested with the President of India, acting through the Ministry of Mines, Government of India, as per the company's Articles of Association. HCL has reportedly communicated with the Ministry of Mines regarding the appointment of five part-time non-official/independent directors to fulfill statutory requirements, and the matter is currently under consideration.
The situation was discussed by the board of directors at a meeting held on March 16, 2026, where they advised that the matter be brought to the Ministry and the exchanges to seek an exemption from the fine. The company also informed the Government, the promoter of HCL, through the Ministry of Mines, requesting them to fill vacant director positions to ensure compliance with statutory requirements.
Hindustan Copper Limited has formally requested the exchanges to grant an exemption from the fine under the Uniform Carve Out Policy.
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