Mahanagar Telephone Nigam Ltd

⚠️ MTNL Fined ₹4.46 Lakh for SEBI Non-Compliance, Still Short Independent Directors

- MTNL submitted its Annual Secretarial Compliance Report for FY ended March 31, 2026, prepared by R.P. Sehgal & Associates.

- Non-compliance with SEBI LODR Regulation 17(1): Board composition did not meet independent director requirements (50% of board) from April 1, 2025, to March 31, 2026. No independent or woman director from April 1–14, 2025. Fines totaled ₹32.45 lakh (inclusive of GST) for period up to December 31, 2025.

- Non-compliance with SEBI LODR Regulation 18(1): Audit Committee not properly constituted from April 1–14, 2025. Fines levied: ₹70,800 (inclusive of GST).

- Non-compliance with SEBI LODR Regulation 19(1)&(2): Nomination & Remuneration Committee not properly constituted from April 1–14, 2025. Fines levied: ₹70,800 (inclusive of GST).

- Non-compliance with SEBI LODR Regulation 20(2): Stakeholders Relationship Committee not properly constituted from April 1–14, 2025. Fines levied: ₹66,080 (inclusive of GST).

- Non-compliance with SEBI LODR Regulation 21(2): Risk Management Committee not properly constituted from April 1–14, 2025. Fines levied: ₹66,080 (inclusive of GST).

- Two independent directors (including one woman) were appointed effective April 15, 2025, but as of March 31, 2026, MTNL still required four more independent directors to comply with board composition rules.

- MTNL cited government control over appointments (via Department of Telecommunications) as reason for delays in compliance and requested fine waivers.

- The company reported compliance with all other SEBI regulations, including secretarial standards, policy adoptions, website disclosures, and related party transactions.

- No material subsidiaries exist; statutory auditors did not resign during the period.