Stock exchanges fine oil and gas firms

BNE News Desk

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Guwahati: The state-owned oil and gas firms, including IOC, ONGC and GAIL, have been fined by Stock Exchanges for failing to meet the listing requirement of having a requisite number of independent directors and women directors.
In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that the appointment of directors was done by the government and they had no role in it.

ONGC was slapped Rs 3.36-lakh fine while IOC was asked to pay Rs 5.36-lakh fine. Gas utility GAIL was slapped Rs 2.71-lakh fine, Hindustan Petroleum Corporation Ltd (HPCL) Rs 3.59 lakh, Bharat Petroleum Corporation Ltd (BPCL) Rs 3.6 lakh, Oil India Ltd Rs 5.37 lakh and a fine of Rs 5.37 lakh was imposed on Mangalore Refinery and Petrochemicals Ltd (MRPL). 
ONGC said it has requested the government to nominate the requisite number of independent directors on the company board. 
It added that since the appointment of directors is beyond the control of the company, request letters have been submitted to stock exchanges for waiving off the fine levied," BPCL said it had complied with the requirements for the financial year 2022-23 and till April 30, 2023.
The appointment of full-time directors with effect from May 1, 2023, led to BPCL having five whole-time Directors, two nominee directors of the government and six independent directors.

BNE News Desk