Date: 16th September, 2026
Disclosure Context
This is a disclosure made under Regulation 30 of the SEBI Listing Regulations. It provides the comments of the Board of Directors regarding fines imposed on the company by both BSE Limited and the National Stock Exchange of India Limited (NSE).
Board Meeting Outcomes
The Board of Directors at its adjourned meeting, which commenced on 15th September 2026 and resumed on 16th September 2026, considered and took on record the fines imposed by the stock exchanges.
The fines were levied on account of the company's non-compliance with the following SEBI Listing Regulations for the quarter ended 30th June 2026:
- Regulation 17(1)
- Regulation 17(2A)
- Regulation 18(1)
- Regulation 19(1)/19(2)
- Regulation 20(2)/(2A)
- Regulation 21(2)
Board Comments on Non-Compliance
The Board noted that the company is a Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Petroleum & Natural Gas.
The Board cited Article 7A of the Company's Articles of Association, which states that so long as the company remains a Government Company, the President of India is entitled to appoint one or more Directors on the Board. This includes Wholetime Directors, Independent Directors, Woman Independent Directors, Woman Directors, and Government Nominee Directors, with terms and conditions decided by the President.
The Board concluded that the composition of the Board of Directors is dependent upon the direction of the Administrative Ministry (Ministry of Petroleum & Natural Gas). Therefore, the cited non-compliances were due to factors beyond the control of the company.
The non-compliance regarding the constitution of committees and the quorum of committee(s) was described as a cascading effect of the non-compliance in the composition of the Board of Directors.
Actions Taken
The company has made representations before both stock exchanges (BSE and NSE) seeking a waiver of the imposed fines.
The Board of Directors confirmed the contents of these representations at its meeting on 16th September 2026.
Meeting Logistics
The adjourned meeting of the Board of Directors resumed at 12:15 p.m. and concluded at 03:00 p.m. on 16th September 2026.