Annual Secretarial Compliance Report for the year ended 31st March 2026.
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Indian Oil Corporation (IOCL) has filed its Annual Secretarial Compliance Report for the year ended 31 March 2026, prepared by Dholakia & Associates LLP. The report identifies non-compliance with board composition requirements under SEBI LODR regulations. Specifically, the company failed to maintain an optimum board composition with executive directors exceeding 50% and did not appoint a Woman Independent Director. Additionally, from 28 March 2026, there were no Independent Directors on the Board at all. As a result, key committees (Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management) were discontinued from that date. The company has received fines from both BSE and NSE totaling approximately Rs. 16.22 lakh per exchange across three quarters (Q1, Q2, Q3 FY26). IOCL states it is a government company under the Ministry of Petroleum and Natural Gas, and appointment authority rests with the Government of India, requesting waiver of fines.
The repeated non-compliance with board composition norms and ongoing fines reflect governance challenges for IOCL as a PSU. While the company attributes this to government control over director appointments, shareholders should note that key board committees were non-functional for the last few days of the fiscal year, which could raise concerns among institutional investors about oversight mechanisms.