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The company received notices regarding SOP fines for non-compliance with SEBI regulations related to board composition and governance. Specifically, the absence of a woman director and failure to form required committees resulted in fines of ₹12.05 lakh each from BSE and NSE. This non-compliance stems from the inability to implement a Resolution Plan. The NCLT has yet to provide necessary directions concerning this matter, with hearings scheduled for late November and December. Meanwhile, the company's ability to operate effectively and meet regulatory requirements has been hindered, highlighting potential risks for shareholders amidst ongoing resolution efforts. Investors should monitor developments closely, as the situation may lead to disruptions in governance and operational capabilities.
All announcements from Mcnally Bharat Engineering Company Limited