Mstc Limited — Important, 26-03-2025: Updates

The Board of MSTC Limited has acknowledged a fine imposed by the stock exchanges due to non-compliance with several regulatory requirements, including the composition of the Board and the establishment of critical committees. Notably, the Board highlighted that the power to appoint Independent Directors lies with the President of India, which limits the Company's control over these appointments. The Board has proposed regular follow-ups with the Ministry of Steel to expedite the appointment of the required number of Independent Directors. Furthermore, MSTC Limited has requested a waiver for the fine, arguing that the delays in appointments are outside the Company's purview. Shareholders should monitor developments related to the appointment process, as regulatory compliance is vital for governance and can impact the Company's reputation.