Mangalore Refinery and Petrochemicals Limited — Important, 22-11-2024: General Updates

Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from BSE Limited and the National Stock Exchange of India regarding non-compliance with the required number of Independent Directors on its Board for the quarter ended September 30, 2024. Consequently, MRPL faces fines of ₹5,42,800 from each exchange. The company has appealed for a waiver, emphasizing that as a Central Public Sector Enterprise, its Director appointments are managed by the Ministry of Petroleum and Natural Gas. MRPL is actively following up with the ministry regarding the appointment of the necessary Independent Directors, including a Women Independent Director, to rectify the situation. Investors should monitor this development closely as it could affect governance and compliance perceptions.