Gujarat State Petronet Limited informs the Exchange regarding imposition of Fine by BSE Limited
Awaiting price reaction for this filing.
Gujarat State Petronet Limited (GSPL) has been fined Rs. 45,000 plus Rs. 8,100 GST (total Rs. 53,100) by BSE for non-compliance with Regulation 17(1) of SEBI LODR during the quarter ended December 2025, related to Board composition. The company explains that an Independent Director, Shri Tapan Ray, IAS (Retd.), resigned on 15 October 2025 due to personal reasons, creating an unforeseen vacancy. As a Government Company, the power to appoint directors lies with the Government of Gujarat, and the company had requested names to fill the vacancy. GSPL has appointed a new Independent Director and plans to seek a waiver of the fine under the SEBI Master Circular dated 11 November 2024.
The fine amount is negligible relative to GSPL's size and is a routine compliance matter. The company is contesting the penalty as the non-compliance was due to circumstances beyond its control, so there is no meaningful financial or share price impact expected.