Mangalore Refinery fined over board composition non-compliance

Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from BSE Limited and National Stock Exchange of India Limited (NSE) regarding non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The non-compliance pertains to the composition of its board for the quarter ended June 30, 2025.

Consequently, MRPL has been levied a fine of ₹5,36,900 each from BSE and NSE. The company has represented to the exchanges, requesting a waiver of the fine.

MRPL argues that as a Central Public Sector Enterprise (CPSE), the nomination of its board directors falls under the purview of the Administrative Ministry, specifically the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India. The company requests that this information be taken on record.