RVNL Fined by NSE and BSE for Board Composition

New Delhi: India's Central public sector enterprise (PSU) Rail Vikas Nigam Limited (RVNL) which works as the construction arm of the Ministry of Railways also a Navratna PSU in its regulatory filing states that the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) vide their letter/email dated 21st November 2024 have levied a fine of Rs. 5,42,800/- each (including GST) on the Company for the non-compliance with Regulation-17(1) i.e., half of the Board was not independent including women Independent Director for the quarter ended 30th September 2024.

Also, the company in its letter today has clarified to NSE and BSE that Rail Vikas Nigam Limited (RVNL) is a Government company as per provisions of Section 2(45) of the Companies Act, 2013.

Read Also : NFL to produce HiTech Nano Urea at its Nangal Plant

As per provisions of the Companies Act, 2013 and Articles of Association of the Company, the President of India vests the power to appoint Directors (including Independent Directors) on the Board of RVNL.

All Directors in RVNL are appointed by the Government of India through its Administrative Ministry, Ministry of Railways (MoR) and RVNL has no role to play in the appointment of any Director.

Read Also : Shipping corporation shares rises up to 6% after central government lists three shipping bills