Rail Vikas Nigam has informed that National Stock Exchange of India and BSE vide their letters/email dated 22nd May, 2024 have levied fine of Rs 5,36,900 each (incl. GST) on the Company for the non-compliance with Regulation-17(1), half of the Board was not independent including women Independent Director for the quarter ended 31st March, 2024. The Company, vide its letter dated 23rd May, 2024, has clarified to NSE and BSE that Rail Vikas Nigam (RVNL) is a Government company as per provisions of the Section 2(45) of the Companies Act, 2013. As per provisions of the Companies Act, 2013 and Articles of Association of the Company, the President of India is vested with the power to appoint Directors (including Independent Director) on the Board of RVNL. Further, all the Directors in RVNL are appointed by the Government of India through its Administrative Ministry, Ministry of Railways (MoR) and RVNL has no role to play in the appointment of any Director. Accordingly, NSE and BSE has been requested to waive off the fine.
The above information is a part of company’s filings submitted to BSE.
