Hindustan Copper Ltd Seeks Waiver After Stock Exchange Fines Over Governance Non‑Compliance

Mumbai, 17 March 2026 – Hindustan Copper Limited (HCL) has requested exemption from payment of fines imposed by the BSE Limited and the National Stock Exchange of India (NSE) for non-compliance with certain corporate governance norms under SEBI’s Listing Obligations & Disclosure Requirements (LODR) Regulations, 2015.

The exchanges had levied fines of ₹9,77,040 each on HCL for non-compliance with Regulations 17(1), 18(1), and 19(1) & (2) concerning the composition of the Board and constitution of Committees for the quarter ending 31 December 2025.

HCL clarified that, being a Government-owned company, the appointment of Directors is under the jurisdiction of the President of India, through the Ministry of Mines. The company has already approached the Ministry for the appointment of five part-time non-official / independent directors to fulfill statutory requirements, which is currently under consideration.

The matter was discussed in the 460th meeting of the HCL Board on 16 March 2026. The Board advised pursuing an exemption from the fine under the Uniform Carve Out Policy and requested the Ministry to expedite the appointment of directors.

Mr. Mritunjay Kumar Dev, Company Secretary & Compliance Officer of HCL, formally requested the exchanges to consider the exemption due to circumstances beyond the company’s control.

This development highlights the unique challenges faced by government-owned companies in aligning with SEBI corporate governance regulations while awaiting administrative approvals for Board appointments.