State-Owned Oil Giants Fined for Board Listing Violations

27 May 2024 CW Team

State-owned oil and gas giants including Indian Oil Corporation (IOC), Oil and Natural Gas Corporation (ONGC), and GAIL (India) Ltd have been fined for the fourth consecutive quarter for failing to comply with listing requirements regarding the number of directors on their boards.

Stock exchanges imposed cumulative fines totaling Rs 34 lakh on several major companies. These include oil refining and fuel marketing giants IOC, Hindustan Petroleum Corporation Ltd (HPCL), and Bharat Petroleum Corporation Ltd (BPCL), as well as exploration companies ONGC and Oil India Ltd (OIL), gas utility GAIL, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL). The fines pertain to non-compliance in the March quarter, according to exchange filings.

This marks the fourth straight quarter these companies have been penalized for not meeting the necessary director requirements, highlighting ongoing governance issues within India's state-owned energy sector.

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