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
Dr
Dr Hemant Sharad Pande of WCL Wins National Award for People-Centric Leadership at PRCI Global Conclave
H Rajesh Prasad IAS
Who Is IAS H Rajesh Prasad? New Chief Secretary of Chandigarh Replaces Mandip Singh Brar After Bureaucratic Reshuffle
Chandigarh logo-resized
UT Administrator Strips Officers of Financial Powers, MHA Now Sole Sanctioning Authority
Karnataka High Court
Karnataka High Court Quashes Criminal Case Against MP Dr. K Sudhakar in ₹4.8 Crore Election Cash Seizure
Bihar Police
Bihar Police Reshuffle Ahead of Assembly Elections: 3 IPS, 148 DSPs Transferred; Ashok Kumar Singh Appointed SP Human Rights Commission
FACT
From Finance Head to CMD: Who Is S Sakthimani, the PESB-Recommended Chief of FACT Limited?
Reserve-Bank-of-India_RBI_resized
RBI Proposes UIN-Based System to Simplify Foreign Offices Setup, Eases Approval Norms
NITI Aayog
NITI Aayog Proposes Presumptive Taxation Scheme for Foreign Investors to Boost Certainty and Ease of Doing Business
ADVERTISEMENT
ADVERTISEMENT
Videos
Dr G K Goswami IPS
Everything you ever wanted to know about e-murder, e-dacoity and data safety
IFS Ravikant Meena UPSC IFS
Ravikant Meena on IFS Preparation, Optionals, and Life in Forest Service
Siddhartha Saxena UPSC CAPF
How Siddhartha Saxena Cracked UPSC CAPF AIR 326 Against All Odds
ADVERTISEMENT
UPSC Stories
Sagar Datta Majumdar UPSC CSE 2024 AIR 317
“Don’t get trapped in the vicious cycle of self-doubt,” says UPSC Achiever Sagar Datta Majumdar
Discover how Sagar Datta Majumdar from Agartala, Tripura, cracked UPSC CSE 2024 with All India Rank 317....
UPSC Chairman Ajay Kumar Live Interaction
From Cut-off Dates to Coaching & Reforms: UPSC Chairman Ajay Kumar Assures Aspirants of Fairness, Transparency & a Future-Ready UPSC | UPSC@100
A Century of Service: The UPSC’s Landmark Year Begins. Chairman Ajay Kumar on UPSC’s Centennial: “Merit,...
Giriraj Parihar MPPSC 2024
From Constable to Deputy Collector: Giriraj Parihar’s 9-Year MPPSC Journey | Farmer’s Son, Brother to Five Sisters
From a jail guard to MPPSC 2024 Rank 8, Giriraj Parihar’s nine-year journey of self-study, hard work,...
Social Media
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...
Parag Madhukar Dhakate
Relentless Rains Wreak Havoc in Dehradun: IFS officer PM Dhakate Warns Citizens Amid Flash Floods
Cloudbursts in Dehradun triggered flash floods. IFS officer Dr. PM Dhakate warned citizens to stay indoors...
Forest Guard Tiger Encounter
Tigers Clash in the Wild as Forest Guards Capture Rare Footage , Retired IFS Mohan Pargaien Posts Viral Video
Retired IFS officer Mohan Pargaien shares viral video of three tigers brawling in Ramnagar, as forest...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
Dr
Dr Hemant Sharad Pande of WCL Wins National Award for People-Centric Leadership at PRCI Global Conclave
H Rajesh Prasad IAS
Who Is IAS H Rajesh Prasad? New Chief Secretary of Chandigarh Replaces Mandip Singh Brar After Bureaucratic Reshuffle
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
Dr G K Goswami IPS
IFS Ravikant Meena UPSC IFS
Siddhartha Saxena UPSC CAPF
ADVERTISEMENT
ADVERTISEMENT