24 Nov 2023 , 12:43 PM
Two major exchanges fine Rail Vikas Nigam (RVNL) over Rs 5.42 lakh each for lacking independent directors in Q3. RVNL clarifies it has no role in director appointments; the Government of India, via the Railway Ministry, appoints directors.
Fine, totaling Rs 5,42,800 each, attributed to non-compliance with SEBI’s LODR Regulations requiring one-third of the board to be independent directors. RVNL asserts its government company status, with the President of India having authority in director appointments, and RVNL having no role in the process.
Fines imposed by exchanges are stated to have no impact on RVNL’s financial, operational, or other activities. In a separate filing on Nov 16, RVNL obtains a credit rating of CARE AAA; Stable/CARE A1+ for long-term/short-term bank facilities amounting to Rs 3,500 crore, as per Care Edge.
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