Fine case on mahanagar telephone nigam limited: Public sector telecom company Metropolitan Telephone Corporation Limited (MTNL) has been punished by NSE and BSE for non -compliance in relation to the structure of the board of directors as per the orders of the Securities and Exchange Board of India (SEBI). The notice involves not complying with the requirements related to the structure of the Board of Directors, which includes failure to appoint a female director, non -compliance of the formation of the audit committee. Both have imposed a fine of Rs 6.73 lakh on him for non-transportation. The company is requesting NSE and BSE to waive the fine.
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The company told the stock market on Saturday that both of them have imposed a fine of Rs 6.73 lakh on it for non-disconnection. It said that MTNL has received notice regarding non -compliance with the provisions of SEBI (LODR) Regulations 2015 respectively from NSE and BSE, not complying with the requirements related to the structure of the board of directors, including failure to appoint a woman, not complying with the formation of the audit committee.
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This also includes the formation of enrollment and remuneration committee, formation of stakeholder relations committee and not complying with the formation of Risk Management Committee. MTNL said that it is a public sector undertaking and all the boards of directors including independent directors are appointed by the Administrative Ministry Department of Telecommunications. The company is requesting NSE and BSE to waive the fine.
Edited by: Chetan Gour
