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Indian Stock exchanges National Stock Exchange And Bombay Stock Exchange have imposed fines on major players in the sector, such as Indian Oil Corporation (IOC), Oil and Natural Gas Corporation (ONGC), Oil India, GAIL, Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and Engineers India, amounting to Rs 5.42 lakh, as revealed by recent filings.
The fines, which are non-negotiable, stem from the companies’ failure to have the required number of independent directors on their boards during the second quarter. Similar fines were also levied in the preceding quarter.
While each company now faces a uniform fine of Rs 5,42,800, individual penalties varied in the previous quarter. ONGC was fined Rs 3.36 lakh, IOC Rs 5.36 lakh, and GAIL Rs 2.71 lakh. HPCL and BPCL were each fined Rs 3.6 lakh, while Oil India faced a penalty of Rs 5.37 lakh.
