Chennai Petroleum fined for board composition non-compliance

Chennai Petroleum Corporation Limited announced on November 28, 2025, that it received notices from BSE Ltd. and National Stock Exchange of India Limited regarding non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015. The non-compliance pertains to its board composition, specifically the failure to appoint one woman independent director during the quarter ended September 30, 2025. Consequently, both NSE and BSE have imposed a fine of Rs. 5,42,800 each.

The company stated that as a government company, the power to appoint directors, including independent directors, rests with the Ministry of Petroleum & Natural Gas (MoP&NG), Government of India. Chennai Petroleum asserts the non-appointment was not due to its negligence or fault and has requested a waiver of the fines. The company regularly engages with MoP&NG to ensure compliance with corporate governance norms.

Chennai Petroleum also noted it had received similar notices and filed waiver requests in the past, which were favorably considered by the exchanges for certain periods. The company highlighted that it should not be held liable for the fines and that they should be waived.