Chennai Petroleum Corporation Ltd. has received notices from BSE and NSE regarding non-compliance related to the appointment of an Independent Director. The notices pertain to the period ending September 30, 2025, and include a fine of ₹5,42,800 by each exchange. The company has requested a waiver, asserting that the appointment is under the purview of the MoP&NG, Govt. of India.
Notice of Non-Compliance
Chennai Petroleum Corporation Ltd. has received notices from both the BSE and NSE concerning non-compliance issues pertaining to the appointment of an Independent Director. The notices relate to regulations governing the composition of the Board.
Details of the Notices
The notices received are in connection with the failure to appoint a One Woman Independent Director on the Board of the Company for the quarter ended September 30, 2025. The company faces a fine of ₹5,42,800 from both the NSE and BSE.
Company’s Response
Chennai Petroleum Corporation Ltd. has communicated to the BSE and NSE that, as a Government Company, the authority to appoint Directors, including Independent Directors, lies with the MoP&NG, Govt. of India. The company asserts that the non-appointment was not due to negligence or fault on their part. They have requested that the fines be waived.
Ongoing Efforts
Chennai Petroleum Corporation Ltd. is actively engaging with the MoP&NG to facilitate the appointment of the required number of Independent Directors, including a Woman Independent Director, to ensure compliance with corporate governance standards.
Previous Notices
The Company has received similar notices previously and has filed waiver requests which were considered favourably by the Exchanges.
Source: BSE