Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from both BSE and NSE for non-compliance regarding board composition for the quarter ended September 30, 2025. The resulting fine amounts to Rs. 5,42,800 from each exchange. MRPL has requested a waiver, citing its status as a Central Public Sector Enterprise and the governmental role in director nominations.
Financial Penalty Imposed
MRPL faces a financial penalty due to non-compliance concerning the composition of its board. The penalties stem from notices received from both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Details of the Fine
For the quarter ending September 30, 2025, the company has been fined Rs. 5,42,800 by each of the exchanges (BSE and NSE). The reason for this penalty is related to the composition of MRPL’s board of directors.
Company’s Response
MRPL has formally requested a waiver of these fines. The company’s appeal is based on its status as a Central Public Sector Enterprise (CPSE), where the nomination of directors is managed by the Government of India.
Source: BSE