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SEL Manufacturing Company Limited has been fined ₹1.08 lakh each by the National Stock Exchange of India Ltd. and BSE Limited for non-compliance with the requirement to appoint a qualified company secretary as the compliance officer. The penalty arises from non-compliance with Regulation 6(1) of SEBI's Listing Obligations and Disclosure Requirements.
The company's management has communicated that challenges in appointing a company secretary include candidates declining offers due to the company's financial losses and recent Corporate Insolvency Resolution Process (CIRP). Nevertheless, the board is actively seeking to fill this important position through regular interviews and exploring alternative options.
Investors should remain watchful of the potential implications of this ongoing non-compliance and the company’s efforts to rectify the situation, as further non-compliance may lead to stricter actions from regulatory bodies.