IOC, BPCL & GAIL fail to meet listing norms for 5th quarter in row, fined

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IOC, BPCL & GAIL fail to meet listing norms for 5th quarter in row, fined - Business Standard

Quick Summary:

India's biggest oil firms including Indian Oil, BPCL and gas utility GAIL have been slapped with fines for a record fifth straight quarter for failing to meet listing norms of having the requisite number of independent and women directors on their board.

Stock exchanges BSE and NSE have slapped fines on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorer Oil India Ltd (OIL), gas utility GAIL (India) Ltd, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the April-June quarter.

Listing norms require companies to have independent directors in the same proportion as executive or functional directors.