Cochin Shipyard Limited has received notices from BSE Limited and the National Stock Exchange of India Limited imposing fines of Rs 0.10 crore each for non-compliance with SEBI Listing Obligations and Disclosure Requirements Regulations during the quarter ended March 31, 2026. The fines include Goods and Services Tax at 18 per cent.
The fines were imposed under Chapter VII of the SEBI Master Circular dated January 30, 2026 for non-compliance with Regulation 17(1) concerning the composition of the board of directors, and Regulations 18 and 19 regarding the constitution of the audit committee and the nomination and remuneration committee. The stock exchanges communicated the order through email on May 27, 2026.
Cochin Shipyard, a Central Public Sector Enterprise under the administrative control of the Ministry of Ports, Shipping and Waterways, stated that the power to appoint directors on its board vests with the Government of India. Cochin Shipyard has forwarded necessary requests to the government for appointing sufficient independent directors and said constant efforts are being made to meet compliance requirements.
The audit committee and the nomination and remuneration committee will be constituted once the government appoints the required number of independent directors, Cochin Shipyard stated. Cochin Shipyard added that the non-compliances were neither due to its negligence nor within the control of its management.
Cochin Shipyard plans to file appropriate waiver requests for the fines with the stock exchanges. Cochin Shipyard said there is no impact on its financial, operational, or other activities except to the extent of the fines imposed.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.