New Delhi: Several oil and gas companies have been fined for failing to appoint the required number of directors on their boards. These companies were also fined for the same reason in the previous three quarters.

What is the fine for

The stock exchanges have imposed a total fine of Rs 34 lakh on Indian Oil, Hindustan Petroleum, Bharat Petroleum, ONGC, Oil India Ltd and Mangalore Refinery and Petrochemicals for not meeting listing requirements in the January-March quarter.

This fine has been imposed on them for not appointing the required number of independent directors or women directors on their board of directors by March 31, 2024. However, these companies have clarified that the directors are appointed by the government and they have no role in it.

ONGC was fined Rs 3.36 lakh, IOC Rs 5.36 lakh and GAIL Rs 2.71 lakh for non-compliance in April-June 2023. HPCL and BPCL were asked to pay a penalty of Rs 3.6 lakh each, while Oil India had to pay a fine of Rs 5.37 lakh.