Indian Oil Corporation Limited — Important, 22-11-2024: General Updates

Indian Oil Corporation Limited has disclosed that it received notices from the BSE and NSE regarding non-compliance with the composition of its Board of Directors for the quarter ended 30 September 2024. As a result, the company faces fines of ₹3,65,800 from each exchange. IndianOil has responded, stating that, as a government entity, the appointment of Directors is under the jurisdiction of the Ministry of Petroleum and Natural Gas, arguing that the shortfall in Independent Directors, including the absence of a Women Independent Director, was not due to negligence. The company is actively pursuing the appointment of the required Directors to meet corporate governance standards. IndianOil has previously sought waivers for similar fines, which were granted by the exchanges. This situation highlights ongoing governance challenges and the importance of compliance for maintaining investor confidence.