Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, Oil India has informed about details of fines (Rs 5,42,800) imposed by National Stock Exchange of India (NSE) and BSE each vide intimation dated 22.02.2024 regarding non-compliance with respect to Regulation 17(1) of the SEBI (LODR) Regulations, 2015 (Non-appointment of requisite number of Independent Directors) for Quarter ended December, 2023, Oil India has submitted that since Oil India being a Govt. of India Enterprise, the Directors on the Board of the Company are appointed by the Administrative Ministry [Ministry of Petroleum & Natural Gas] and the said non-compliance with respect to the Composition of the Board was beyond the control of the Company. The Company has requested the Ministry of Petroleum & Natural Gas for appointment of Independent Directors on the Board of the Company to comply with Regulation 17(1) of the SEBI (LODR) Regulations, 2015. The Company had received similar notices from the BSE & NSE in the past imposing fines and waiver request from the Company was considered favourably by the Exchanges.
The above information is a part of company’s filings submitted to BSE.
