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Oil and gas companies will be fined for failing to appoint directors, know how much money a company will pay
Stock exchanges have imposed a combined fine of Rs 34 lakh on Indian Oil, Hindustan Petroleum, ONGC Oil India Ltd, and Mangalore Refinery and Petrochemicals for non-fulfillment of the listing mandate in the January-March quarter. This penalty has been imposed on them for not appointing the required number of independent directors or women directors on their board of directors by March 31, 2024.
Several oil and gas companies have been fined for failing to appoint the required number of directors on their boards. These companies were fined for the same reason in the last three quarters also.
Stock exchanges have imposed a combined fine of Rs 34 lakh on Indian Oil, Hindustan Petroleum, Bharat Petroleum, ONGC, Oil India Ltd, and Mangalore Refinery & Petrochemicals for not meeting the listing mandate in the January-March quarter.
They will be penalized for failing to appoint the necessary number of women or independent directors to their board of directors by March 31, 2024. These businesses have made it clear, though, that the government appoints the directors and that they play no part in it.
For noncompliance in April–June 2023, ONGC was fined Rs 3.36 lakh, IOC was fined Rs 5.36 lakh, and GAIL was fined Rs 2.71 lakh. While Oil India was required to pay a fine of Rs 5.37 lakh, HPCL and BPCL were asked to pay fines of Rs 3.6 lakh each.
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