Mangaluru: Mangalore Refinery and Petrochemicals Limited (MRPL) is dealing with regulatory heat after stock exchanges flagged an issue with its board composition for the December 2025 quarter.
The company disclosed on March 02, 2026, that it received notices from BSE Limited and the National Stock Exchange of India Limited over non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The issue relates to the composition of its Board for the quarter ended December 31, 2025.
Both exchanges have imposed a fine of Rs. 5,42,800 each, including GST at 18 percent, for the period of non-compliance covering the December 31, 2025 quarter. The penalty stems directly from the board composition requirements under the listing regulations, which mandate specific governance standards for listed entities.
In response, MRPL has already represented to the exchanges, seeking a waiver of the fine. The company explained that as a Central Public Sector Enterprise, the nomination of directors to its Board is carried out by the Administrative Ministry — the Ministry of Petroleum and Natural Gas, Government of India. The company indicated that board appointments are therefore not solely within its control.
The disclosure was made under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015. The communication was addressed to both exchanges and signed by Premachandra Rao G, Company Secretary, requesting that the information be taken on record. The development underscores the compliance pressures on public sector companies, particularly where board appointments depend on administrative processes beyond the company’s direct authority.
Disclaimer: This article is based solely on the company’s regulatory filing dated March 02, 2026, submitted to the stock exchanges. It does not include independent verification, additional commentary, or information from any other sources.
