Hindustan Copper Ltd (HCL) has requested exemption from fines imposed by BSE and NSE for non-compliance with SEBI’s corporate governance norms, according to a company filing dated December 31, 2025.
Both exchanges had levied fines of ₹9.77 lakh each on HCL for non-adherence to Regulation 17(1), 18(1), and 19(1) & (2) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, relating to the composition of the Board and the constitution of statutory committees for the quarter ended September 30, 2025.
HCL explained that, as a government-owned entity, the appointment of independent directors and part-time non-official directors is under the purview of the President of India through the Ministry of Mines. The company had already written to the Ministry requesting the appointment of five independent directors, and the matter is under consideration.
During its 457th Board meeting on December 31, 2025, HCL advised that the matter be taken up with the Ministry and the exchanges to seek exemption from payment of the fine under the Uniform Carve Out Policy of the Exchange. The company has also informed the Government, its promoter, about the pending board appointments for statutory compliance.
This move reflects HCL’s commitment to adhering to corporate governance norms while highlighting the procedural constraints faced by government-owned companies in director appointments.
Disclaimer:
This information is based on a filing by Hindustan Copper Ltd to NSE and BSE and is for informational purposes only. Investors should conduct their own analysis before making investment decisions.
