Gujarat State Petronet Limited informs the exchange regarding imposition of Fine by BSE & NSE
Awaiting price reaction for this filing.
Gujarat State Petronet Limited (GSPL) received notices from BSE and NSE on February 27, 2026, imposing a fine of Rs. 45,000 plus Rs. 8,100 GST (total Rs. 53,100) from each exchange for non-compliance with SEBI LODR Regulation 17(1) regarding board composition during the quarter ended December 2025. The non-compliance arose because Independent Director Shri Tapan Ray resigned on October 15, 2025 due to personal reasons, creating a temporary vacancy. GSPL, being a Government Company, depends on the Gujarat Government's Energy & Petrochemicals Department to appoint directors. The company argues the vacancy was unforeseen and beyond its control, and that it filled the position within the permitted three-month window under Regulation 17(1E). GSPL has stated it will apply for a waiver of the fine under SEBI's SOP circular and emphasized there is no material impact on its financial or operational activities.
This is a minor technical penalty (around Rs. 1.06 lakh combined from both exchanges) for a brief board composition gap, not related to business performance or governance quality. Shareholders are unlikely to see any meaningful impact on financials or stock price, and the company is actively seeking a waiver given the circumstances were beyond its direct control.