Annual Secretarial Compliance Report for the year ended March 31, 2025, Pursuant to Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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MRPL, a subsidiary of ONGC and a Central Public Sector Enterprise, filed its Annual Secretarial Compliance Report for FY2024-25 as required by SEBI's listing rules. The report, issued by practicing company secretaries P.N. Pai & Co., confirms compliance with most SEBI regulations but flags several non-compliances related to board composition. Specifically, MRPL did not have the required number of independent directors, including an independent woman director, for most of FY2024-25. BSE and NSE levied fines totalling roughly Rs 25-26 lakh across multiple quarters for these lapses. On March 28, 2025, the company appointed Ms. Cheruvally Nivedida Subramanian as Independent Director, bringing the board into compliance. MRPL has requested a waiver of the fines citing delays in government appointments, a common concession for CPSEs.
This is a routine annual compliance disclosure with no direct material impact on shareholders. The non-compliances are administrative in nature, stem from government-controlled director appointments, and have been largely rectified by year-end. The fines are relatively small (under Rs 30 lakh combined) and a waiver has been requested, so this is unlikely to affect the stock price.