https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

Indian Oil Penalized by BSE, NSE for Board Composition Lapses

Indian Oil Corporation Limited (Indian Oil) has been fined by both BSE and NSE for non-compliance with SEBI regulations regarding board composition, specifically the lack of Independent Directors and a Woman Independent Director. The company has contested the fines, citing government oversight in director appointments.
Indian Masterminds Stories

Maharatna Oil PSU, Indian Oil Corporation Limited (Indian Oil), has been penalized by both BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) for non-compliance with SEBI regulations concerning the composition of its Board of Directors. The exchanges have each imposed a fine of Rs 5,36,900 for the company’s failure to meet these requirements during the quarter ending June 30, 2024. The issue involves a shortfall in the number of Independent Directors on Indian Oil’s board, including the absence of a Woman Independent Director, as mandated by Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR).

In a regulatory filing on Thursday, Indian Oil revealed that it has challenged the fines through a letter dated August 22, 2024, addressed to both BSE and NSE. The company argued that, as a government entity, the authority to appoint Directors, including Independent Directors, resides with the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India. Indian Oil asserted that the delay in these appointments was not due to any fault or negligence on its part.

Indian Oil also emphasized its ongoing efforts to collaborate with MoP&NG to expedite the appointment of the necessary Independent Directors in order to comply with SEBI’s corporate governance norms and the Companies Act. The company highlighted that in previous instances where fines were imposed, the exchanges had favorably considered their request for a waiver. The outcome of Indian Oil’s current waiver request is still awaited as the company continues to advocate for leniency, citing its status as a government-controlled entity and its efforts to meet regulatory standards.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
DPIIT
DPIIT Launches PM GatiShakti – Offshore Platform to Accelerate India’s Blue Economy and Green Energy Projects
Project Seabird Phase IIA
Indian Navy Unveils State-of-the-Art Housing at Karwar Naval Base Under Project Seabird Phase IIA
UPSC Answer Keys Transparency
UPSC Answer Keys Transparency Enhanced: SC Appreciates Timely Release Policy
Google_Announces_First_AI_Hub_
Google to Invest $15 Billion in AI Hub in Visakhapatnam, Pioneering India's Digital and Economic Transformation
Vishnu Deo Sai CM
Forest-Driven Development: CM Vishnu Deo Sai Calls for Sustainable Livelihoods and Herbal Economy Expansion
CM Yogi Adityanath
CM Yogi Proposes Transformative Urban Redevelopment Policy for UP: Focus on Livability, Heritage, and Investment
Chhattisgarh good governance
Chhattisgarh Unveils Bold Governance Roadmap: CM Sai Calls for Digital Public Service, Innovation & Field Accountability
JESOVA Diwali Mela 2025
JESOVA Diwali Mela 2025 Kicks Off in Ranchi: CM Hemant Soren Honors 25 Years of Social Service
ADVERTISEMENT
ADVERTISEMENT
Videos
IDES Saquib Alam
Beyond IAS and IPS: The Inspiring Work of an IDES officer | Video Interview 
IDES Saquib Alam
UPSC Strategy & Mindset Tips from IDES Officer Saquib Alam | Video Interview 
Dr G K Goswami IPS
Everything you ever wanted to know about e-murder, e-dacoity and data safety
ADVERTISEMENT
UPSC Stories
Ruchi Jat MPPSC
She Worked in Fields, Danced Ghoomar - Now She’ll Govern Districts: Ruchi Jat Cracks MPPSC 2024 with Rank 6, Becomes Deputy Collector
From a farmer's daughter in Pipalkhunta to securing 6th rank in MPPSC 2024, Ruchi Jat's inspiring journey...
VikramDeo Saryam MPPSC
He Couldn't Pay Engineering Fees, Now He’s a Deputy Collector: Meet Vikram Deo, Farmer’s Son Who Cracked MPPSC with Sheer Willpower
Vikram, a farmer’s son from Ramgovindpur, overcame financial hardships and years of setbacks to secure...
Shivani Sirmache MPPSC
Do It From Home If You Can,’ Said Her Family - She Did It with Self-Study and Sheer Will: Meet Shivani Sirmache, MPPSC 2024 Topper
Shivani Sirmache, a village girl from Sirali, cracked MPPSC 2024 with Rank 11 through complete self-study,...
Social Media
IFS Parveen Kaswan
Heartbreak by the River: 15-Day-Old Elephant Calf Rejected by Mother, Rescued by IFS Parveen Kaswan and His Team
Jaldapra, West Bengal: In a moving incident that tugs at the heart, a 15-day-old elephant calf was rescued...
Ashwini Bhide IAS and Anand Mahindra
Who Is IAS Ashwini Bhide, Hailed as a Role Model for Mumbai Metro Transformation by Anand Mahindra?
From heritage to high-tech: Bhide’s leadership in Metro Line 3 earns public praise and admiration
World Rhino Day India
On World Rhino Day, IFS Officer Parveen Kaswan Shares Rare Insights - India Now Hosts 80% of the World’s One-Horned Rhinos
September 22 Marks Global Call for Rhino Conservation; India Holds 80% of World’s Greater One-Horned...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
DPIIT
DPIIT Launches PM GatiShakti – Offshore Platform to Accelerate India’s Blue Economy and Green Energy Projects
Project Seabird Phase IIA
Indian Navy Unveils State-of-the-Art Housing at Karwar Naval Base Under Project Seabird Phase IIA
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
IDES Saquib Alam
IDES Saquib Alam
Dr G K Goswami IPS
ADVERTISEMENT
ADVERTISEMENT