Date: 23.09.2026

Board Meeting Outcomes

The matter of fines levied by the stock exchanges was placed before the Board of Directors in its 397th Meeting held on 13.08.2026. The Board took note of the following:

  • The Company Secretary informed the Board that the National Stock Exchange of India Limited (NSE) and BSE Limited had levied fines of ₹5,31,000 each (inclusive of 18% GST) for failing to comply with Regulation 17(1) of the SEBI (LODR) Regulations, 2015, for the quarter ending 31st March 2026.
  • The non-compliance was attributed to the non-availability of the requisite number of Independent Directors, including a woman Independent Director, on the Company's Board.
  • The Board noted that as a Public Sector Undertaking (PSU), the power to appoint Directors is vested with the Government of India. The administrative ministry, the Ministry of Petroleum and Natural Gas (MoPNG), had been requested to fill the vacancies.
  • A parallel request for a waiver of the fines had been made to the stock exchanges. The Board was informed that, as per exchange policy, a waiver would only be considered after achieving full compliance.
  • The Board advised the Company Secretary to pursue the matter with the Corporate Affairs Desk of the MoPNG and to apprise them of the fines levied by the Stock Exchanges due to this non-compliance.

Regulatory Context & Fine Details

The fines were imposed via NSE Letter No. NSE/LISTSOP/COMB/FINES/0611 dated 27.05.2026 and a BSE email of the same date. The specific fine breakdown from the NSE notice is as follows:

  • Regulation: 17(1)
  • Quarter: 31-Mar-2026
  • Fine amount per instance (Rs.): 5,000
  • No. of instance(s): 90
  • Total Fine Payable (Inclusive of 18% GST): ₹5,31,000

The NSE notice was issued under the Standard Operating Procedure specified in SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 (the "Master Circular") issued on July 11, 2023, and last updated on January 30, 2026.

Company's Position & Request

Based on the Board's discussion, the company has formally requested that the Stock Exchanges waive the fines for the quarter ended 31.03.2026. The primary argument is that the root cause of the non-compliance—the appointment of directors—is beyond the company's control as a PSU, as this power rests solely with the Government of India.