Oil India Limited has informed the Exchange regarding 'Board comments on fine levied by the Exchange'.
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Awaiting price reaction for this filing.
Oil India was fined by BSE and NSE for not meeting the Board composition requirement under SEBI (LODR) Regulations, 2015, specifically the lack of adequate Independent Directors, for the quarter ended 31 December 2024. The Board, at its meeting on 7 May 2025, noted the fine and the action already taken — the company had written to the Ministry of Petroleum and Natural Gas (MoP&NG) on 18 March 2025 requesting appointment of Independent Directors. Following the Ministry's letter dated 28 March 2025, three new Independent Directors (including one woman director) were appointed on 28 March 2025, rectifying the non-compliance. The Board has now advised the management to request the stock exchanges to waive the fine, arguing that the shortfall was beyond the company's control.
This is a procedural compliance matter and not a financial or governance crisis — the non-compliance has already been fixed with the appointment of three Independent Directors. The fine amount is typically small for such LODR-related defaults, and a waiver request has been made, so any lasting impact on the stock is expected to be negligible.