Well said, Modi. HR is also an employee in the organization. All company policies are applicable to HR. However, in your case, if HR is late due to his/her own commitments, he/she should be punished as per the company policy.
HR Responsibilities and Exceptions
But let me tell you that usually HRs will visit consultancies (if tied up) in the first hours of the working days in case of recruitments, or they visit PF offices in the first hours. In that case, their non-availability in the office should be considered as ON DUTY. Please try to find out the reason before taking any action.
Thanks,
Raam