Stock exchanges slap fines on IOC, ONGC, GAIL for failure to meet listing regulations
The Hindu
Stock exchanges have fined state-owned oil and gas firms for not meeting listing requirements of having independent and women directors. Fines imposed on IOC, ONGC, GAIL, HPCL, BPCL, OIL and MRPL. Companies say appointment of directors is done by government and they have no role in it.
Stock exchanges have slapped fines on state-owned oil and gas firms including IOC, ONGC and GAIL for their failure to meet listing requirements of having a requisite number of independent directors and women directors.
In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it.
Oil and Natural Gas Corporation (ONGC) was slapped a ₹3.36 lakh fine, while Indian Oil Corporation (IOC) was asked to pay ₹5.36 lakh fine.
Gas utility GAIL was slapped ₹2.71 lakh fine, Hindustan Petroleum Corporation Ltd (HPCL) ₹3.59 lakh, Bharat Petroleum Corporation Ltd (BPCL) ₹3.6 lakh, Oil India Ltd ₹5.37 lakh and a fine of ₹5.37 lakh was imposed on Mangalore Refinery and Petrochemicals Ltd (MRPL).
Except for IOC which was slapped with the fine for not having the required one woman director on the board, all the companies were fined for violating the norm of having the required number of independent directors.
IOC said the power to appoint directors (including independent and women directors) vests with the Ministry of Petroleum and Natural Gas, Government of India.
"And hence the non-appointment of women independent directors on the Board during the quarter ended June 30, 2023 was not due to any negligence / fault by the company," it said. "Accordingly, Indian Oil should not be held liable to pay the fines and the same should be waived-off".
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