RVNL Fined Rs 11 Lakh For Non-Compliance With Independent Directors Requirement

Rail Vikas Nigam Limited (RVNL), a PSU under the Ministry of Railways, has been fined Rs 11,00,000 by the NSE and BSE for failing to have the required Independent Directors on its Board and meet compliance regulations.

The company’s Board lacked the required Independent Directors, including a woman member, for the period ending September 30. The BSE imposed a fine of Rs 542,800, while the NSE imposed an identical amount. This is the second fine imposed on RVNL this fiscal year, with the first occurring in August for a similar issue. RVNL clarified that the Ministry of Railways handles the appointment of Independent Directors and that the company has been following up with the ministry to fill vacancies. The ministry is currently taking corrective action.