Mishra Dhatu Nigam Limited was fined a total of Rs 9,91,200 by BSE Limited and National Stock Exchange of India Limited for non-compliance with board composition norms during the quarter ended March 31, 2026. The stock exchanges imposed a penalty of Rs 4,95,600 each on May 27, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The company stated that the fines have no material impact on its financial, operational, or other activities.

The non-compliance pertains to Regulation 17(1) of SEBI LODR. MIDHANI has not paid the fines to the exchanges, arguing that the authority for appointing directors rests with the President of India, acting through the Ministry of Defence. Consequently, the Board of MIDHANI stated it has no role in the appointment of directors, which led to the regulatory lapse.

Fine Waiver Request

MIDHANI plans to submit a request for a waiver of the fines to both NSE and BSE. The company cited NSE circular No: NSE/CML/51846 dated March 31, 2022, and the impossibility of compliance as the basis for seeking exemption. The company maintains that the delay in board composition was beyond its control due to the government-led appointment process.

Penalty Details

Mishra Dhatu Nigam Limited has announced the conclusion of tenure for three Part-time Non-official Independent Directors, effective April 17, 2026. The company informed both BSE and NSE about this board composition change through a regulatory filing under Regulation 30 of SEBI LODR.

Directors Whose Tenure Concluded

The following table details the three directors whose tenure has concluded:

Regulatory Compliance and Background

The tenure conclusion follows the directive issued by the Ministry of Defence through Letter No. 11(70)/2021/Misc./D(NS) dated April 18, 2025. This represents a planned transition that was previously communicated to the exchanges through an earlier intimation dated April 18, 2025.

Company Communication

The disclosure was signed by Paul Antony, Company Secretary & Compliance Officer, and filed with the stock exchanges on April 18, 2026. The communication emphasized that this information is being shared for the knowledge of the exchange and company members.

About the Company

Mishra Dhatu Nigam Limited operates as a Government of India enterprise with its registered office located at P.O. Kanchanbagh, Hyderabad, Telangana. The company trades on stock exchanges under the symbol MIDHANI with scrip code 541195 on BSE.