IndianOil, ONGC, and GAIL (India) Ltd, among other state-owned oil and gas companies, have incurred fines for the fourth consecutive quarter due to non-compliance with listing requirements regarding board directorship.

The fines, totaling Rs 34 lakh, were imposed by stock exchanges on major entities including Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL), Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL), GAIL, and Mangalore Refinery and Petrochemicals Ltd (MRPL) for the January-March quarter. According to filings with the BSE and NSE, these fines were levied as the companies failed to meet the mandated number of independent directors or appoint a required woman director.

In their respective filings, the companies clarified that the appointment of directors is the prerogative of the government, and they do not play a direct role in this process. Despite efforts to comply with regulatory norms, the recurrent imposition of fines highlights ongoing challenges in ensuring full adherence to corporate governance guidelines set by the stock exchanges.

These developments underscore the significance of robust corporate governance practices in maintaining transparency and accountability within state-owned enterprises. As these companies navigate regulatory obligations, they remain committed to addressing governance gaps while continuing to fulfill their strategic mandates in the oil and gas sector.