https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

Eminent PSUs Like IOCL, GAIL & BPCL Fined For Five Consecutive Quarters For Failing To Comply With Listing Norms

PSUs IOC, HPCL, BPCL, GAIL, OIL and MRPL were slapped with a fine of Rs 5,36,900 each by NSE and BSE for the January-March quarter, a second fine of Rs 5,42,800 each for the third quarter (October-December 2023), and a similar fine for the second quarter (July-September 2023)
Indian Masterminds Stories

In a shocking development, India’s biggest oil firms including Indian Oil, BPCL and gas utility GAIL, which are also Maharatna PSUs, have been slapped with fines for a record fifth straight quarter for failing to meet listing norms of having the requisite number of independent and women directors on their board. It is shambolic to realise that the companies had faced fines for the same reason in the previous four quarters as well!

Stock exchanges BSE and NSE have slapped fines on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorer Oil India Ltd (OIL), gas utility GAIL (India) Ltd, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the April-June quarter.

IOCL stated, “BSE and the National Stock Exchange of India Ltd (NSE) imposed a fine of Rs 5,36,900 each on the company for non-compliance of Regulation 17(1) of the SEBI (LODR) relating to the composition of the Board of Directors during the quarter ended June 30, 2024. In response to the notices, IndianOil vide letter dated August 22, 2024 has represented to the BSE and NSE that being a government company, the power to appoint directors (including independent directors) vests with the Ministry of Petroleum and Natural Gas, Government of India and hence the shortfall in independent directors including non-appointment of women independent director on the board of the company during the quarter ended June 30, 2024 was not due to any negligence/default by the company.”

PSUs IOC, HPCL, BPCL, GAIL, OIL and MRPL were slapped with a fine of Rs 5,36,900 each by NSE and BSE for the January-March quarter, a second fine of Rs 5,42,800 each for the third quarter (October-December 2023), and a similar fine for the second quarter (July-September 2023).


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
grse mou
GRSE Signs Strategic MoU to Boost Indigenous Development of Advanced Naval Navigation Systems
Mazagon_Dock_Shipbuilders_Ltd_Organizes_Diwali_Mela_
Mazagon Dock Shipbuilders Ltd (MDL) Hosts Diwali Mela to Boost Vigilance Awareness and Empower Rural Self-Help Groups
NALCO_MOU_
NALCO Foundation Signs MoU to Boost Skill Development and Livelihood Opportunities for Rural Youth
Concor
Dividend Alert: CONCOR to Announce Q2 FY26 Financial Results and Second Interim Dividend on November 11
ircon and coal india
Coal India Partners with IRCON to Strengthen Rail Network for Seamless Coal Transportation
BEML_Joins_SCOPE_GIZ_Initiative
BEML Showcases Green Leadership at SCOPE-GIZ LeadIT Workshop on Industrial Decarbonisation
World Habitat Day 2025
World Habitat Day 2025: HUDCO's 30-Year Legacy Empowers Underprivileged Children Through Art
BEL and IREDA
BEL and IREDA Set to Announce Q2 FY26 Results in October; Investors Await Key Growth Updates
ADVERTISEMENT
ADVERTISEMENT
Videos
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
IFS Ravikant Meena UPSC IFS
Ravikant Meena on IFS Preparation, Optionals, and Life in Forest Service
ADVERTISEMENT
UPSC Stories
Jitendra Baghel MPPSC
7 Years, 4 Interviews, Now Dy.SP: How Jitendra Baghel Cracked MPPSC Through Relentless Struggle
Jitendra Baghel’s inspiring journey from a humble farming background to MPPSC Dy.SP showcases relentless...
IDES Saquib Alam
UPSC Strategy & Mindset Tips from IDES Officer Saquib Alam | Video Interview 
Discover how IDES officer Saquib Alam left his corporate job at Mahindra, overcame six UPSC attempts,...
Utkarsh Ujjwal IAS
IAS Utkarsh Ujjwal Shares Key Advice for UPSC Aspirants: Work Ethic, Failure, and Focus
Read the inspiring journey of IAS Utkarsh Ujjwal, 2023 batch, Gujarat cadre. From IIT Guwahati to clearing...
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
grse mou
GRSE Signs Strategic MoU to Boost Indigenous Development of Advanced Naval Navigation Systems
Mazagon_Dock_Shipbuilders_Ltd_Organizes_Diwali_Mela_
Mazagon Dock Shipbuilders Ltd (MDL) Hosts Diwali Mela to Boost Vigilance Awareness and Empower Rural Self-Help Groups
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
IDES Saquib Alam
Dr G K Goswami IPS
IFS Ravikant Meena UPSC IFS
ADVERTISEMENT
ADVERTISEMENT