Gujarat State Petronet Limited — Important, 27-02-2026: Disclosure of material issue

Gujarat State Petronet (GSPL) has received a minor fine of Rs. 45,000 plus GST from BSE for a temporary non-compliance with board composition requirements during the quarter ended December 2025.

**Issue:** BSE imposed a fine on GSPL for not meeting specific board composition rules.

**Possible Impact:** The financial impact is negligible due to the small fine amount. However, it signals a minor regulatory compliance lapse.

**Company’s Response/Mitigation:** GSPL contends it should not be liable, stating that as a Government Company, director appointments are handled by the Gujarat Government. An Independent Director resigned unexpectedly on October 15, 2025, creating a vacancy. The company highlights that regulations allow up to three months to fill such a position, and they were within this permitted timeframe. GSPL plans to seek a waiver for the fine, asserting the non-compliance was unforeseen and beyond their direct control.