HMT Limited Fined ₹15 Lakh for Non-Compliance with Board Composition Norms
HMT Limited was fined ₹7,58,740 by both BSE and NSE for non-compliance with board composition norms for the quarter ended June 30, 2026. The company is seeking a waiver and has since appointed two new Independent Directors, Shri. Dharmender Varada and Smt. Seema Mishra, effective August 17, 2026.
The fines are significant for the company, and the non-compliance indicates potential governance issues, although steps are being taken to rectify the situation.
The company has been fined by stock exchanges due to non-compliance with SEBI regulations regarding board composition, which is a negative development.
HMT Limited has received notices from BSE Limited and the National Stock Exchange of India (NSE) imposing a fine of ₹7,58,740 each (totaling ₹15,17,480 including GST) for non-compliance with SEBI (LODR) Regulations, 2015. The non-compliance pertains to the quarter ended June 30, 2026, specifically regarding the composition of the Board of Directors, Audit Committee, and Nomination and Remuneration Committee, due to the absence of requisite Independent Directors.
The company is currently in the process of applying for a waiver of these fines, as per the Stock Exchanges' Standard Operating Procedure (SOP) Circular. As HMT Limited is a Government Company, all director appointments are made by the Government of India. The Administrative Ministry has been requested to appoint the necessary number of Independent Directors, including one Independent Woman Director, to meet regulatory requirements.
Subsequent to the quarter ended June 30, 2026, the company has appointed Shri. Dharmender Varada and Smt. Seema Mishra as Independent Directors to its Board, effective August 17, 2026.
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HMT Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by HMT Limited. Read the original for the full detail.