MOIL Limited Requests Fine Waiver Following Board Composition Non-Compliance
MOIL Limited, a Government of India Enterprise, has sought a waiver of a penalty imposed by the National Stock Exchange of India Ltd (NSE) related to non-compliance with regulations governing the composition of the Board.The penalty arose from non-compliance concerning the Board's composition, resulting in a fine of Rs. 5,31,000/-.
MOIL Limited maintains that the non-compliance issue is beyond the company's direct control. The company stated that all of its directors are appointed by the President of India through the Administrative Ministry (the Ministry of Steel). As the appointment process of Board members, particularly Independent Directors, rests with the President of India, the company emphasized that rectifying the composition shortfall is dependent on external governmental authorities.
The company noted that the waiver of such penalties is permissible under the NSE uniform carve out policy when the grounds for non-compliance are outside the company's operational purview, specifically citing instances where board approval is pending from a Regulator or Ministry.
Board Actions and Requests
In response to the compliance issue, the Board of Directors of MOIL Limited held a meeting on April 29, 2026. The Board reviewed the matter and advised two key actions:1. To pursue the matter of director appointments through the Ministry of Steel.
2. To formally request the Stock Exchanges to waive any penalties imposed.
MOIL Limited confirmed that the company is regularly following up the matter of director appointments with the Ministry of Steel, Government of India, and has subsequently formally requested the concerned Stock Exchanges to waive the imposed penalty.
MOIL Stock Price Movement
On Wednesday, shares of MOIL Limited edged higher to close at ₹303, gaining 0.58% for the session. The stock showed solid momentum, finishing its trading day on a volume of 446,527 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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