Oil India Limited has informed the Exchange regarding 'Board comments on fines levied by NSE BSE'.
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Awaiting price reaction for this filing.
Oil India Limited was fined a total of Rs. 11,82,000 (plus 18% GST = Rs. 13,94,760) by NSE for not meeting SEBI (LODR) Regulations related to Board composition for the quarter ended 31 March 2025. The non-compliance was due to a shortage of Independent Directors on the Board. The company has since appointed 3 Independent Directors on 28 March 2025 and 1 more on 17 May 2025, making it fully compliant. The Board, in its meeting on 24 June 2025, decided to formally request the Stock Exchanges to waive the fines, stating the non-compliance was beyond the company's control since director appointments are made by the Ministry of Petroleum and Natural Gas. The Ministry has already been informed about the fine.
The fine amount (~Rs. 14 lakh) is immaterial for Oil India Limited and unlikely to materially affect the stock price. However, the issue highlights that Board composition gaps in government-controlled CPSEs are common. The company is now compliant, and the waiver request is expected to be considered favourably given that the underlying cause has been remedied.