India's Oil Giants Fined for Non-Compliance with Corporate Governance Norms

India's leading oil companies, including Indian Oil and BPCL, have been fined for the fifth consecutive quarter for not meeting corporate governance norms, specifically the lack of independent and women directors on their boards. The companies argue that the responsibility for appointments lies with the government.

Multiple top Indian oil firms, including Indian Oil and BPCL, have been fined for failing to comply with corporate governance norms, marking the fifth straight quarter of penalties.

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have imposed fines on Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), as well as other major firms like Oil India Ltd and Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the independent and women directors' criteria in April-June 2024.

In their responses, the companies stressed that the government, not them, is responsible for board appointments, and past fine waiver requests have often been granted.