Gujarat State Petronet Limited informs the exchange regarding imposition of Fine by BSE Ltd.
Awaiting price reaction for this filing.
Gujarat State Petronet Ltd (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 regarding the composition of the Board during the quarter ended December 2025. The non-compliance arose because an Independent Director, Shri Tapan Ray (IAS Retd.), resigned on October 15, 2025, creating a vacancy that was filled only later. The company has appointed Shri Jayant Misra (IRS Retd.) as Independent Director from October 22, 2025. As a Government Company, GSPL says the power to appoint directors lies with the Gujarat government's Energy & Petrochemicals Department, making the vacancy beyond its direct control.
The fine amount is negligible (under Rs. 55,000) and the company is actively seeking a waiver under the SEBI Master Circular dated November 11, 2024, citing Regulation 17(1E) which allows up to 3 months to fill a vacancy. This is a minor procedural compliance issue rather than a material governance concern, and is unlikely to have any meaningful impact on the stock price.