Nature of the Event

Regulatory disclosure to the stock exchanges regarding receipt of non-compliance notices and consequent levy of fines.

Key Quantitative Figures

MRPL has been levied a fine of ₹5,68,760 (Five Lakh Sixty Eight Thousand Seven Hundred Sixty Rupees) by BSE Limited and an identical fine of ₹5,68,760 by the National Stock Exchange of India Limited (NSE), resulting in a total potential financial impact of ₹11,37,520.

Dates of Action

The period of non-compliance cited in the notices is for the quarter ended March 31, 2026. The disclosure letter from MRPL is dated May 28, 2026.

Parties or Entities Involved

  • Regulators/Exchanges: BSE Limited, National Stock Exchange of India Limited (NSE), Securities and Exchange Board of India (SEBI)
  • The Company: Mangalore Refinery and Petrochemicals Limited (MRPL)
  • Parent Company & Government: Oil and Natural Gas Corporation Limited (ONGC), Ministry of Petroleum and Natural Gas (MoP&NG), Government of India (GOI)

Purpose or Stated Rationale

The notices from BSE and NSE were issued for non-compliance with specific provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The specific regulations cited are Regulation 17(1), Regulation 18(1), Regulation 19, Regulation 20, and Regulation 21(2). These regulations pertain to the composition of the company's Board of Directors and its various sub-committees.

Financial or Operational Impact

The direct financial impact is the potential outflow of ₹11,37,520 if the request for a waiver is not granted by the exchanges.

Company's Response and Rationale

In response to the notices, MRPL has represented to both stock exchanges requesting a waiver of the levied fines. The company's rationale for the waiver request is that it is a Central Public Sector Enterprise (CPSE). As such, the nomination of Directors to its Board is not within its direct control but is instead the prerogative of its Administrative Ministry, the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India.

#Tags: #MRPL #SEBILODR #RegulatoryCompliance #SEBIDisclosure #Negative