Oil companies fined for flouting board norms

In separate filings, the companies detailed the fines for either not having the requisite number of independent directors or the mandated women director, but were quick to point out that appointments are done by government.

By PTI | Updated: May 27, 2024, 05.45 AM IST

New Delhi: State-owned oil and gas giants including Indian Oil, ONGC and GAIL (India) Ltd have been slapped with fines for the fourth straight quarter for failing to meet listing requirements of having the requisite number of directors on their board.

Stock exchanges imposed a cumulative fine of Rs 34 lakh on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the March quarter, exchange filings showed.

In separate filings, the companies detailed the fines for either not having the requisite number of independent directors or the mandated women director, but were quick to point out that appointments are done by government.

Not making enough money in stocks? Click here for real-life stories of successful investors.

Too busy to trade in stocks? Invest in Mutual Funds with ET Money!