Mangalore Refinery and Petrochemicals Limited — Important, 18-03-2025: General Updates

Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from BSE and NSE for non-compliance related to the composition of its Board and Board sub-committees for the quarter ended December 31, 2024. The total fines levied are ₹10,43,120 each from both exchanges. In response, MRPL has requested a waiver of these fines, emphasizing that Board nominations are made by the Ministry of Petroleum and Natural Gas, Government of India. The company has been proactively following up with the ministry for the appointment of the required number of Independent Directors, including a Women Independent Director. Investors should monitor this situation closely, as it could impact MRPL's governance structure and compliance status.