IOC, GAIL, ONGC fined for the third time

IOC, GAIL, ONGC fined for the third time

Share Market: Tremendous action can be seen in the stocks of government oil and gas companies in the Indian stock market. According to the information given to the exchange, leading oil and gas companies – Indian Oil Corporation (IOCL), ONGC (ONGC) and Gayle (GAIL) has been fined for the third consecutive quarter for not meeting the mandatory number of directors on its board. According to the information available on the stock market, oil refining and fuel marketing companies IOC, Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL), gas company GAIL and oil refinery Hindustan Petroleum Corporation Limited (HPCL) and Mangalore Refinery and Petrochemicals. A total fine of Rs 32.5 lakh has been imposed on Ltd. (MRPL).

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Fine imposed due to lack of women directors

According to the information available in the share market, all the companies have given separate information on the share market, details of the penalty imposed by BSE and NSE for not having the required number of independent directors or mandatory women directors in the third quarter ending December 31, 2023. Gave. The companies, however, said that the directors have to be appointed by the government and they have no role in it. In the last two quarters also, companies had to face fines for the same reason. Six public sector companies, in separate information given to the stock market, said that a fine of Rs 5,42,800 has been imposed on them for the third quarter. ONGC, HPCL, MRPL, GAIL and OIL faced fines for not having the required number of independent directors on their boards. The IOC, on the other hand, faced a fine for not having a woman independent director on its board of directors. As per the norms, companies are required to have independent directors in equal proportion to executive or functional directors. It is also necessary to have at least one woman director on the board of directors.

How was the performance of companies on Friday?

Till the market closed on the last trading day of last week, the share price of Indian Oil Corporation fell by 2.28 percent i.e. Rs 4.10 and closed at 175.60. Whereas, ONGC stock slipped by 1.09 percent i.e. Rs 3 and closed at 271.70. At the same time, the share price of GAIL (India) fell by 1.34 percent i.e. Rs 2.45 and closed at 179.80.

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