Indian Oil Corporation submits intimation on imposition of fine

23 May 2024 Evaluate
Pursuant to Reg. 30 of the SEBI (LODR) Regulations, 2015 (SEBI LODR), Indian Oil Corporation has informed that the Company has received notices from BSE and National Stock Exchange of India (NSE) dated 22.05.2024 regarding non-compliance with the provision of Regulation 17(1) of the SEBI (LODR) relating to composition of Board of Directors of the Company during the quarter ended 31 March 2024 and imposition of fine of Rs. 5,36,900/- each by BSE & NSE for such non- compliance. In response to the notices, IndianOil vide letter dt. 23.05.2024 has represented to the BSE & NSE that being a Government Company, the power to appoint Directors (including Independent Directors) vests with the MoP&NG, Govt. of India and hence the shortfall in Independent Directors including non-appointment of Women Independent Director on the Board of the Company during the quarter ended 31% March 2024 was not due to any negligence / default by the Company. Accordingly, IndianOil should not be held liable to pay the fines and the same should be waived-off. IndianOil regularly takes up with MoP&NG for appointment of requisite number of Independent Directors (including Woman Independent Director) to ensure compliance with Corporate Governance norms enunciated under SEBI (LODR) as well as the Companies Act. The Company had received similar notices from the BSE & NSE in the past imposing fines and waiver request from the Company was considered favorably by the Exchanges.

The above information is a part of company’s filings submitted to BSE.

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