The Shipping Corporation of India board has formally responded to penalties levied by National Stock Exchange of India Limited and BSE Limited for non-compliance with board composition regulations during the quarter ended December 31, 2025. The fines, amounting to ₹5,42,800 each inclusive of 18% GST, were imposed for violations of Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board noted that as a Public Sector Undertaking, the power to appoint or remove directors rests solely with the Ministry of Ports, Shipping and Waterways, causing delays in inducting independent directors.

The board discussed the matter at a meeting held on May 8, 2026, acknowledging the notices received from both exchanges. The Shipping Corporation of India confirmed that waiver request letters were emailed to the exchanges on March 5, 2026. The company stated it is consistently requesting the ministry to appoint the requisite number of independent directors, including a woman independent director, to ensure compliance with SEBI Listing Regulations.

Penalty Breakdown

The National Stock Exchange of India Limited detailed that the fine was calculated at ₹5,000 per day for 92 days of non-compliance. The exchange informed the company that the fine amount would continue to accrue daily until compliance is achieved. The company has been advised to ensure compliance with the regulations before applying for a waiver, which requires a non-refundable processing fee of ₹10,000 plus 18% GST if the fine exceeds ₹5,000 exclusive of GST.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE109A01011/8c5a7d2ed454432f.pdf

The Shipping Corporation of India Limited has adjusted its senior management with the appointment of Capt. Pankaj Kumar as Deputy General Manager I/C and the cessation of two Deputy General Managers, effective June 2, 2026. The changes were implemented due to a reorganization in internal reporting structures, as disclosed in a regulatory filing.

Capt. Pankaj Kumar has been appointed to the position of Deputy General Manager I/C (SVC Tec & Com and DD & RBS). He began his shipping career in 1995 as a cadet in shipping corporation of india and was promoted to the Rank of Master in 2005. He holds an MBA (Operation), LLB, and a Master's Degree in Maritime Affairs from WMU, where he was adjudged the best student in "Shipping Management & Logistics". He was previously serving as DGM in Charge (SVC Technical and Commercial) in the Bulk and Tanker Division.

Concurrently, two Deputy General Managers have ceased their roles. The exits are attributed to changes in internal organization reporting and include Mr. Naveen Kumar (Purchase & Services Division) and Mr. Udaynath Mallik (DD- Repair Bill Cell).

The following table details the specific changes in senior management personnel:

The disclosure was submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Swapnita Vikas Yadav, Company Secretary and Compliance Officer, on behalf of The Shipping Corporation of India Limited.