CIL Fined for Non-Compliance with SEBI Norms Amidst Production Dip
Coal India Ltd (CIL) has been fined Rs 10.72 lakh for failing to comply with SEBI regulations on independent directors. The fine was imposed by both BSE and NSE, emphasizing the need for better corporate governance. Meanwhile, CIL's coal production has dropped six percent due to monsoon disruptions.
- Country:
- India
State-owned Coal India Limited (CIL) faced a Rs 10.72 lakh penalty on Monday for not adhering to SEBI guidelines regarding the appointment of independent directors on its board.
The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) levied Rs 5.36 lakh each, highlighting critical lapses in corporate governance within the coal sector giant.
CIL's production levels also saw a six percent decrease to 229.8 million tonnes during the April-July period, compared to the previous fiscal, largely hampered by monsoon-related issues affecting mining and dispatch operations.
(With inputs from agencies.)
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