Oil companies fined for flouting board norms
New Delhi: State-owned oil and gas giants, including Indian Oil, ONGC, and GAIL, have been fined Rs 34 lakh for failing to meet board listing requirements for the fourth consecutive quarter. Fines were imposed on IOC, HPCL, BPCL, ONGC, OIL, GAIL, and MRPL for not having the requisite number of independent or women directors. The companies emphasized that board appointments are made by the government, according to exchange filings for the March quarter.
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.
Source Link : https://energy.economictimes.indiatimes.com/amp/news/oil-and-gas/oil-companies-fined-for-flouting-board-norms/110449095
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