Hindustan Aeronautics Limited (HAL) has been notified by the National Stock Exchange (NSE) regarding non-compliance with several regulations under the SEBI (LODR) Regulations, 2015. The notice pertains to the quarter ended June 30, 2025, and involves a penalty of ₹10,06,540.
The non-compliance relates to Regulations 17, 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2) of the SEBI (LODR) Regulations, 2015.
HAL, a Government Company under the Ministry of Defence, has cited delays in the appointment of Independent Directors as a contributing factor. The appointment of Independent Directors in Government Companies is managed by the concerned Administrative Department of the Government of India, and multiple requests have been made to fill the vacant positions. However, these positions remain unfilled.
The company has applied for a waiver of fines under Sl. No. 3(a) of the Policy of exemption of fines levied as per the provisions of SEBI SOP Circular, which was filed with NSE, the Designated Stock Exchange. This action was taken because the matter was beyond the company's control. While the case was presented, the exchange directed that it be formally submitted only after compliance is achieved. As of now, a response from NSE is awaited.
On achieving compliance with Regulation 18(1), 19(1)/19(2), 20(2)/(2A) and 21(2) of SEBI (LODR) Regulations, 2015, concerning the constitution of the Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee effective June 2, 2025, the application for a waiver of fines was filed with NSE. The company is currently awaiting a response from NSE.
The company has stated that there is no material financial impact resulting from this notice.
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