'This Would Not Be Repeated...' - MMTC Gets Warning Letter From NSE, BSE

MMTC which is one of the largest public sector trading bodies of India got a warning from the exchanges BSE as well as NSE on Friday for not holding a meeting with stakeholders.

The BSE on Monday in an official filing said with reference to the Corporate Governance Report ("CGR") filed by MMTC Ltd for the quarter ended March 2024, the regulations state, "The stakeholders relationship committee shall meet at least once in a year."

The BSE and NSE noted that the company has not conducted any meeting of its "Stakeholders Relationship Committee" in the year 2023-24.

How Do The Exchanges View This Non-Compliance?

The exchanges view the aforementioned non-compliance very seriously.

"You are hereby advised to be careful in future, exercise due caution and initiate corrective steps to avoid recurrence of such lapses so as to ensure due compliance with the Exchange circulars/guidance/communications," the NSE said in the warning letter.

Additionally, any such aberration in the future will be viewed seriously and appropriate action would be initiated, the exchange said.

Both of the exchanges also instructed the company to disseminate a copy of the letters on the stock exchanges, adding that the firm is also advised to place this warning letter before its Board of Directors and discuss the corrective measures taken by the company to avoid such lapses.