Annual Secretarial Compliance Report for the year ended 31.03.2026
CHENNPETRO · price
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Chennai Petroleum Corporation Limited (CPCL) has submitted its Annual Secretarial Compliance Report for FY2025-26, reviewed by S. Sandeep & Associates, Company Secretaries. The report identifies several non-compliances with SEBI regulations primarily related to board governance. Key violations include shortfall in Independent Directors on the Board (Regulation 17(1)) and absence of a Woman Independent Director, resulting in cumulative fines of approximately ₹14.63 lakh from NSE and BSE across multiple quarters. The Audit Committee and Nomination & Remuneration Committee also had composition issues with 2/3rd of members not being independent directors. CPCL has been actively pursuing appointments through the Ministry of Petroleum and Natural Gas (MoP&NG), having appointed Mr. Manoj Kumar Pandey as Independent Director from May 16, 2025. Other compliance areas including secretarial standards, related party transactions, insider trading norms, and website disclosures were found satisfactory.
The company faces regulatory penalties of approximately ₹14.63 lakh for governance non-compliances. As a Government of India enterprise, CPCL's board independence issues stem from administrative appointment processes. While the company has taken steps to comply, continued non-compliance could attract further penalties and regulatory scrutiny, though shareholder impact is limited given ongoing government support.