Garden Reach Shipbuilders & Engineers Limited — Others, 18-03-2025: Action(s) taken or orders passed

Garden Reach Shipbuilders & Engineers Ltd. has announced a board meeting regarding fine imposition by NSE and BSE for non-compliance with independent director requirements and audit committee formation. Both exchanges imposed a penalty of ₹5.52 crore each. The company clarified that it operates under the Ministry of Defence, and the appointment of directors is beyond its control, attributing the non-compliance to the government's inaction. While this situation poses governance risks, it currently does not impact the company's financials. Investors may view this as a neutral impact, Awaiting the timely appointment of independent directors will be crucial for compliance.