MRPL faces fines over board composition non-compliance

Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from BSE Limited and the 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 September 30, 2025.

As a result, the company faces a fine of Rs.5,42,800 from each of the exchanges, including GST @18%. MRPL has stated that it has already requested a waiver of these fines.

The company's argument for the waiver is based on its status as a Central Public Sector Enterprise (CPSE), where the nomination of directors to its board is carried out by the administrative ministry, specifically the Ministry of Petroleum and Natural Gas, Government of India.