RCF Requests Waiver on Board Composition Compliance Fines

State-owned Rashtriya Chemicals and Fertilizers Ltd (RCF) has been fined Rs 9.66 lakh each by BSE and NSE for non-compliance related to board composition regulations. RCF has requested a waiver, citing government control over director appointments. The company continues to engage with the Department of Fertilizers for compliance.

State-owned Rashtriya Chemicals and Fertilizers Ltd (RCF) has been fined Rs 9.66 lakh each by stock exchanges BSE and NSE for failing to comply with regulations concerning the composition of its board.

The company argued for a waiver of the fines, emphasizing that the power of appointing directors, including Independent Directors, is held by the government.

In regulatory filings, RCF disclosed receiving notices from BSE and NSE on August 21 for non-compliance with board composition rules, including the appointment of Women Independent Directors. The firm contends that the government's delayed appointments, not negligence on its part, led to the issue. Consequently, RCF believes it should not be liable for the fines and has requested them to be waived. The company actively coordinates with the Department of Fertilizers to meet corporate governance norms.

(With inputs from agencies.)