Annual Secretarial Compliance Report for the year ended 31st March 2026.
MRPL · price
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MRPL has submitted its Annual Secretarial Compliance Report for FY 2025-26 as required under SEBI Regulation 24A. The report identifies several compliance gaps primarily related to Board composition. BSE and NSE have levied fines totaling approximately Rs. 16.23 lakh (including GST) for shortfall in Independent Directors on the Board during quarters ended June, September, and December 2025. Additionally, from March 28, 2026 onwards, MRPL lost four Independent Directors (including the Independent Woman Director) whose tenures ended on March 27, 2026, resulting in non-compliance with Board and Committee composition requirements for the last few days of FY 2025-26. The Company has also noted it lacks formal succession planning for Board and senior management appointments. As a CPSE, MRPL depends on the Ministry of Petroleum and Natural Gas for Independent Director appointments and has sought waiver of fines citing this constraint under SEBI SOP guidelines.
The non-compliances are largely due to timing gaps in government-appointed directors rather than governance failures. However, shareholders should note the regulatory fines imposed and the ongoing risk of non-compliance due to the company's dependency on administrative processes for Board appointments.