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 : Former Director (Operation) NTPC Ramesh Babu V appointed as Member CERCThe 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 : Giridhar Aramane, Defence Secretary Visits MDLThe 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.
Read Also : NTPC Bongaigaon Hosts Bohagi and Bwisagu Celebrations embracing Assamese cultural traditionsNews Must Read
- CONCOR CMD Interacts with Cold Chain Logistics industry leaders based in Japan
- Harsh Baweja takes charge as Director (Finance), REC Limited
- Cochin Shipyard Limited secured a Large order from a European Client
- Karur Vysya Bank announces Q4 Results: Registers 45% Growth in Net Profit
- PSU stocks on way to announce IPO for their green energy segment
- BEML reports stellar performance in Q4 FY24 results: Net Profit jumps by 62.5%
- NHAI took strict action against Toll Operating Agency for Misbehaving with Highway Users
- MRPL gets new Executive Director
- HUDCO signs MoU with Surat Integrated Transportation Development Corporation
- RVNL emerges lowest bidder from South East Railway to receive electronic interlocking order