Bharat Heavy Electricals Limited (BHEL) received notices dated 29 May 2025 from BSE Limited and National Stock Exchange of India Limited (NSE), each imposing a fine of ₹ 9,41,640.
The fines are for non-compliance with certain clauses of Regulations 17, 18 & 19 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, for the quarter ending March 2025.
As on 31 March 2025, the number of Independent Directors was less than 50% of BHEL’s Board's actual strength, leading to non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015.
BHEL has since complied with Regulation 18 & 19 effective 29 March 2025, following the appointment of two Independent Directors to its Board.
BHEL is proposing to seek a waiver of the fines from the Stock Exchanges.
The company stated that as a Government Company, Directors, including Independent Directors, are appointed by the Government of India, and BHEL is regularly pursuing the appointment of the requisite number of Independent Directors to ensure compliance.