Shipping Corporation of India trades higher as it allays fine worries

The company has been fined by BSE and NSE for non- compliance with regulations with regard to the composition of board. The firms has submitted letters to the stock exchanges for waiving off the fine

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Shipping Corporation of India (SCI) shares were trading higher in the early trade on November 23 as investors seemed to have taken notices of fine against the PSU in their stride.

On November 21, the company received a notice from BSE Limited and National Stock Exchange of India Limited levying fines of Rs 5.42 lakh each (Rs 4,60,000 each plus 18 percent GST) for non-compliance with SEBI Regulations with regard to the composition of the board of directors.

The action does not have a significant impact on financial, operation or other activities of the company, quantifiable in monetary terms to the extent possible, the company said.

The company is taking all appropriate actions for appointment of requisite number of independent directors on the board.

The company submitted request letters to the stock exchanges for waiving off fine levied vide aforesaid notice, it added.

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At 9.35 am, Shipping Corporation of India was quoting at Rs 133.95 on BSE, up Rs 1.80, or 1.36 percent, from the previous close.

The share touched a 52-week high of Rs 164 on September 11, 2023 and a 52-week low of Rs 79.50 on April 10, 2023. It is trading 18.32 percent below its 52-week high and 68.49 percent above its 52-week low.

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