Bharat Coking Coal Limited has approved the appointment of H C O & CO. as its statutory auditor for FY27. The board also authorized the sale of washed coking coal from its washeries under the Coal India Limited (CIL) e-Auction scheme.

Auditor appointment for FY27

The Board of Directors noted the appointment of H C O & CO. as the Statutory Auditor for the fiscal year 2026-27. This appointment was communicated by the Comptroller and Auditor General (C&AG) of India. The decision was taken during the board meeting held on September 26, 2026.

Washed coking coal sales framework

The board allowed the offer of Washed Medium Coking Coal (MCC) and Washed Prime Coking Coal (PCC) from all BCCL washeries. These sales will be conducted under the CIL e-Auction Scheme. The pricing mechanism is set at a premium of 5% over the Import Parity Price (IPP). Notably, there is no upper cap on this price.

The volume limit for these sales is capped at a maximum of 18 rakes during Q3FY27 and Q4FY27. Alternatively, the sales window will close upon the conclusion of negotiations with Steel Authority of India Limited (SAIL) regarding IPP, whichever occurs earlier.

Board meeting details

The meeting commenced at 1:30 pm and concluded at 3:30 pm on September 26, 2026. The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Bharat Coking Coal Ltd has been fined ₹22.25 lakh (inclusive of GST) by the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) for failing to comply with SEBI (LODR) Regulations regarding board composition.

The fines, dated September 26, 2026, address non-compliance for the quarter ended June 30, 2026. Each exchange imposed a penalty of ₹11.13 lakh. The primary violations included the absence of a woman director and inadequate independent director strength, which affected the constitution of the Audit, Nomination & Remuneration, and Stakeholder Relationship Committees.

Breakdown of penalties imposed

The exchanges levied daily fines under specific regulations. The table below details the financial impact per exchange for the quarter ended June 30, 2026.

Cumulative regulatory burden

This latest penalty adds to previous fines imposed for the quarter ended March 31, 2026. For that period, both exchanges collectively charged ₹15.29 lakh. Consequently, the cumulative amount of fines imposed by both exchanges for the two quarters stands at ₹37.35 lakh (inclusive of GST).

Governance constraints and remedial steps

The company attributed the non-compliance to the inadequate strength of Independent Directors on its Board. As a Central Public Sector Enterprise (CPSE), BCCL stated that the appointment of Independent Directors is carried out by the Government of India with the approval of the Hon'ble President. The matter remains beyond the direct control of the company's management.

BCCL management has continuously pursued the issue with the Administrative Ministry. The company listed multiple letters sent between November 2024 and September 2026 urging the appointment of requisite directors. Additionally, BCCL noted it had obtained specific exemptions from SEBI up to its listing date via letters dated September 12, 2025, and December 11, 2025.

What the Numbers Show

The data reveals a direct correlation between the absence of a single key role and broader structural penalties. The highest individual penalty component is ₹5.37 lakh per exchange under Regulation 17(1), specifically citing the failure to appoint a woman director. This single vacancy triggered cascading non-compliances in three other committees (Audit, NRC, SRC), which accounted for the remaining ₹5.76 lakh per exchange. This highlights how a singular appointment delay in a CPSE can exponentially increase regulatory costs across multiple governance pillars.