Gujarat State Petronet Limited (GSPL) has been levied a fine of ₹45,000 plus GST of ₹8,100, totaling ₹53,100 by both BSE and NSE for non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, concerning the composition of the Board for the quarter ended December 2025. The company attributes this non-compliance to a vacancy created by the resignation of Independent Director Shri Tapan Ray on October 15, 2025. As per Regulation 17(1E), a vacancy must be filled within three months. GSPL appointed Shri Jayant Misra as an Independent Director on October 22, 2025, to fill another vacancy. However, the resignation of Shri Tapan Ray created an unforeseen situation. GSPL, being a government company, stated that the appointment of directors vests with the Energy & Petrochemicals Department, Government of Gujarat. The company has requested a waiver of the fine, citing that the delay was beyond their control and that they have availed the permissible three-month period for filling the vacancy. The company received the emails from BSE and NSE on February 27, 2026, and is making this disclosure promptly. GSPL believes there will be no material impact on its financial or operational activities.
