MTNL Fined for Board Composition Non-Compliance

Mahanagar Telephone Nigam Ltd has been fined by NSE and BSE for failing to comply with SEBI regulations regarding board composition. The infractions include not appointing a woman director and improper committee formations. MTNL cites its public sector status, attributing delays to the Department of Telecommunications.

Mahanagar Telephone Nigam Ltd, a state-run telecom company, has faced penalties imposed by the stock exchanges NSE and BSE for failing to adhere to SEBI's board composition norms.

The company disclosed a fine of Rs 6.73 lakh from each exchange, citing non-compliance in appointing a woman director and forming various committees.

MTNL, as a public sector unit, depends on the Department of Telecommunications for board appointments and is pursuing the waiver of these fines, highlighting steps for appointing additional directors.

(With inputs from agencies.)