NSE and BSE levied Rs.5,42,800 fine on IRCON
The company also clarified that the imposed penalty by NSE and BSE doesn't influence the company's financial, operational or other activities.
New Delhi: In a formal notice dated November 21st, both the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) imposed a penalty of Rs.5,42,800 each (including GST) on IRCON Limited. The fine was for non-compliance with Regulation-17(1), which mandates that half of the board should consist of independent members. This was observed for the quarter ending September 30, 2023.
Read Also : Mines Ministry to Hold Two-day Critical Minerals Summit from todayThe Company has clarified to NSE and BSE that Ircon International Limited (IRCON) is a government company as per provisions of the Section 2(45) of the Companies Act, 2013. As per provisions of the Companies Act, 2013 and Articles of Association of the Company, the President of India vests with the power to appoint Directors (including Independent Director) on the Board of IRCON.
Read Also : POWERGRID awarded Appreciation Certificate as Project ConsultantThe Ministry of Railways (MoR), acting as the Administrative Ministry for the Government of India, is responsible for all appointments to the IRCON board. Therefore, IRCON doesn't have any say in the appointment of its Directors unless nominated by the Government of India.
The company also clarified that the imposed penalty by NSE and BSE doesn't influence the company's financial, operational or other activities.
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