MRPL has disclosed that it received notices from the BSE and NSE regarding non-compliance with board composition norms for the quarter ending December 31, 2025. Consequently, the company was levied a total fine of ₹5,42,800 by each exchange. MRPL has formally appealed to the Exchanges, requesting a waiver, citing its status as a Central Public Sector Enterprise (CPSE), where director nominations are controlled by the Ministry of Petroleum and Natural Gas (MoP&NG).
Notice Received for Regulatory Lapse
Mangalore Refinery and Petrochemicals Limited (MRPL) has officially informed the stock exchanges that it received notices concerning a lapse in adhering to the required composition of the Board of Directors for the quarter ending December 31, 2025.
Financial Penalty Imposed
As a direct consequence of this non-compliance, the company was subjected to a financial penalty. The details of the levy are as follows:
- Period of Non-compliance: For the Quarter ending December 31, 2025.
- Amount of Fine: ₹5,42,800 (including 18% GST) levied separately by BSE and NSE.
Company’s Representation for Waiver
In response to the penalties, MRPL has already submitted a formal representation to the Stock Exchanges seeking a waiver of the imposed fines. The justification provided hinges on the nature of the company being a Central Public Sector Enterprise (CPSE). The company stated that the appointment and nomination of Directors to the Board are managed by the Administrative Ministry, specifically the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India.
The information was officially communicated on March 2, 2026, by the Company Secretary, Premachandra Rao G.
Source: BSE
