Indian Oil, ONG, GAIL fined Rs 3.4 million for 4 straight quarters

27 May 2024 CW Team

State-owned oil and gas giants, including Indian Oil, ONGC, and GAIL (India) Ltd, have incurred fines for the fourth consecutive quarter due to non-compliance with listing requirements regarding board composition. Stock exchanges have imposed a cumulative fine of Rs 3.4 million on prominent players in oil refining and fuel marketing, such as Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL), and Bharat Petroleum Corporation Ltd (BPCL), as well as explorers like Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL).

The fines stem from either a deficiency in the number of independent directors or the absence of mandated women directors, as outlined in separate filings by the companies. Notably, the companies underscored that board appointments are within the purview of the government.

(Source: ET)

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