Oil India Limited — Important, 18-12-2024: General Updates

The Board of Directors of Oil India Limited acknowledged recent letters from the Stock Exchange regarding non-compliance with Board composition regulations during its meeting. They noted the imposition of fines and communicated this issue to the Ministry of Petroleum and Natural Gas, seeking the appointment of independent directors. The Board has also decided to formally request a waiver for the fines, citing that the non-compliance circumstances were beyond the company's control. Stakeholders should monitor this situation closely, as the outcome could significantly impact the company's governance structure and financial standing due to the associated penalties.