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
SJVN
Leadership Continuity: Rajendra Prasad Goyal Given Additional Charge as Director (Finance) of SJVN Ltd- Know more about Him
government-of-haryana
Haryana Government Transfers 2 IPS, 13 HPS Officers in Major Police Reshuffle- Check Details
scam
‘Hello, This is IPS Officer Speaking…’: 9th-Pass Youth Tricks Cops in Three States with Fake Voice Scam
Screenshot 2025-07-18 214334
L&T Chairman Mr. S.N. Subrahmanyan’s FY25 Remuneration Jumps Nearly 50% to Rs. 76.25 Crore!
bureaucracy news
Appointments Update: IRS Kommisetty Murlidhar to Join Andhra Govt; Jay Nath Yadav Inducted into IAS
Indian Overseas Bank (IOB)
Indian Overseas Bank Plans Rs. 4,000 Crore Fundraising via QIP; Net Profit Soars 76% in Q1 FY26
Paresh Saxena IPS
IPS Officer Dr Paresh Saxena Protests Empanelment Denial, Returns President’s Distinguished Service Medal
Screenshot 2025-07-18 212145
Chhattisgarh: CM Vishnu Deo Sai Unveils ‘Anjor Vision @ 2047’ - A Bold Roadmap for a Developed Future!
ADVERTISEMENT
ADVERTISEMENT
Videos
promila gupta
The Secret of The Secret – How To Make The Universe Conspire For You
AI 171 CRASH
AAIB Initial Probe In AI-171 Crash Questioned By Aviation Experts
Ravi Kapoor
Why Ex-IRS Officer Ravi Kapoor Walked Away from Power
ADVERTISEMENT
UPSC Stories
Bhavesh Royada
“People often don’t put in the effort required for exams of this level,” Bhavesh Royada
Bhavesh Royada left a stable engineering job to follow his passion for nature. Overcoming failures and...
WhatsApp Image 2025-07-14 at 15.58
The Economist Who Became an IFS Officer
How Abhimanyu Gahlaut balanced global economics and civil services dreams to crack UPSC with AIR 38
Disha Dwivedi UPSC
How Disha Dwivedi Cracked UPSC in Her Sixth Attempt with Unshakable Determination
Disha Dwivedi’s UPSC journey from five prelims failures to securing AIR 672 in 2024 showcases strategic...
Social Media
Screenshot 2025-07-18 203508
Majestic Tiger Rescue and Release in Sundarbans Captivates the Internet: IFS Susanta Nanda Shares Video On X
The video captures the tiger’s strength, agility, and instinct—a breathtaking sight as the big cat slices...
Standing Leopard
Leopard Stuns Internet by Standing on Two Legs Like a Meerkat
A rare video of a leopard standing on two legs in Kruger Park stuns viewers and goes viral across social...
G S Roshni
Kerala’s Fearless Forest Officer G.S. Roshni Rescues 16-Foot King Cobra with Bare Hands, Garners Praise & Critique
Beat Forest Officer G.S. Roshni’s first-ever king cobra rescue goes viral, earning her the title of ‘Green...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
SJVN
Leadership Continuity: Rajendra Prasad Goyal Given Additional Charge as Director (Finance) of SJVN Ltd- Know more about Him
government-of-haryana
Haryana Government Transfers 2 IPS, 13 HPS Officers in Major Police Reshuffle- Check Details
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
promila gupta
AI 171 CRASH
Ravi Kapoor
ADVERTISEMENT
ADVERTISEMENT