REC faces fines for non-compliance, seeks waiver

REC Limited is addressing non-compliance issues related to the composition of its Board of Directors, Audit Committee, and Nomination & Remuneration Committee, as outlined by SEBI's Listing Regulations. The non-compliance, initially flagged by NSE and BSE in late May, led to fines which REC is now appealing. The company's board has requested the Ministry of Power to expedite the appointment of Independent Directors, arguing that the delays are outside REC's control. While seeking a waiver of the fines, REC has also assured that it has asked for exchanges not to impose any further penalties. It also noted that the requirements are being complied with as of April 17, 2025. The total fine imposed amounted to INR 470000, with an additional GST of INR 84600, bringing the total payable to INR 554600. REC management confirmed it is actively pursuing resolution.