NALCO Board comments on fine levied by the Exchange
The company addressed the imposition of a fine of Rs. 6,63,160/- (including GST at 18% on a basic fine of Rs. 5,62,000/-) for the quarter ended December 31, 2024.
Noida, Uttar Pradesh, India--May 14, 2025: National Aluminium Company Limited today has responded to the fines levied by the stock exchange for non compliance with several provisions of the securities and exchange board of India.
The company addressed the imposition of a fine of Rs. 6,63,160/- (including GST at 18% on a basic fine of Rs. 5,62,000/−) for the quarter ended December 31, 2024.
NALCO informed the stock exchanges that, matter was brought to the attention of its promoter, the government of India, through the Ministry of Mines on March 21, 2025. It is also discussed in 354th meeting of NALCO Board of Directors which held on April 24th, 2025.
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"The Board advised to communicate to SSE and NSE that, NALCO is a CPSE and the authority for appointment of Directors is vested with Govt. of India and hence, the Company does not have any control on the same. Therefore, the noncompliances, stated in their e-mails dated 17.03.2025 for the quarter ended 31.12.2024 may be condoned and penalties imposed by them for different quarters may be waived."
"We once again inform you that appointment of Independent Directors is beyond the control of the Company, since all Directors are appointed by the President of India. The matter relating to early appointment of requisite number of Independent Directors is taken up continuously with the Administrative Ministry for compliance with the provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015. Hence, it is requested that, non-compliance of various regulations under the SEBI (LODR) Regulations, 2015 by the Company for the quarter ended 31.12.2024 may kindly be condoned and imposition of fine of Rs.6,63,160/- (including GST @ 18% on basic fine amount of Rs.5,62,000/-) in this regard may kindly be waived", the comment added by the NALCO.
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