REC Limited — Important, 13-12-2024: Updates

The Board of REC Limited discussed a fine imposed by the NSE and BSE due to non-compliance with regulations on board composition for the quarter ended September 30, 2024. The Board acknowledged the situation, noting that the appointment of necessary Independent Directors is under the purview of the Ministry of Power. Regular follow-ups will be made with the ministry to expedite these appointments. The Board has also requested the exchanges to waive the imposed fine, citing that the timeline for director appointments is beyond the company's control. The company faces a total fine of ₹2.83 lakh, which includes GST, accumulating daily until compliance is achieved. Stakeholders should be aware of this ongoing situation, as further delays could lead to increased scrutiny or additional penalties.