NEW DELHI: State-run telecom operator Mahanagar Telephone Nigam Ltd (MTNL) has been fined by the NSE and BSE for non-compliance with SEBI’s corporate governance norms on board composition, the company informed in a regulatory filing.
In its filing on Saturday, MTNL said both exchanges levied a penalty of ₹6.73 lakh each for violations that included the absence of a woman director, non-compliance in the constitution of the audit committee, nomination and remuneration committee, stakeholder relationship committee, and risk management committee.
MTNL clarified that, as a public sector undertaking, all board appointments—including independent directors—are handled by its administrative ministry, the Department of Telecommunications. The company noted that two independent directors, including a woman director, were appointed by the DoT on April 15, and the process for appointing four more independent directors is underway.
“The company has also requested NSE and BSE for a waiver of the fines,” the filing added.
