7 Indian oil companies fined for 4th consecutive quarter due to insufficient board directors.
State-owned Indian Oil Corp, ONGC, GAIL, HPCL, BPCL, Oil India, and MRPL were fined by stock exchanges for the fourth consecutive quarter for not meeting listing requirements of having the required number of directors on their boards. The companies faced a cumulative fine of Rs 34 lakh. They argue that the power to appoint directors lies with the Ministry of Petroleum & Natural Gas, Government of India.
May 26, 2024
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