Mangalore Refinery and Petrochemicals Limited (MRPL) has informed that the company has received notices from BSE and NSE for not having required number of Independent Directors on the board for the quarter ended June 2023.

The non-compliance of provisions of Regulation 17 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) has resulted in the levy of fine of ₹5,42,800 each from BSE and NSE.

The company has said in its regulatory filing that it has already represented to the exchanges for considering waiver of fine since MRPL is a Government Company, the power to appoint directors including independent directors on its board vests with Ministry of Petroleum and Natural Gas, Government of India.

The Company is following up with the Government from time to time for appointing required number of directors on its board, it added.  

MRPL stock lost 6.86% to close at ₹122.25 on NSE.