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Public sector Hindustan Aeronautics Ltd (HAL) has received penalty notices of Rs 542,800 each from India’s two stock exchanges-BSE and NSE- for not having sufficient number of independent directors on its Board. In a regulatory filing on Friday, HAL said it has received notices from NSE and BSE for imposing the penalty of Rs. 542,800/- each for the quarter ended 31st December, 2023, for non-compliance of Regulation 17(1) in respect of composition of Board of Directors due to insufficient number of Independent Directors.