A government enterprise of Gujarat, Gujarat State Petronet Ltd (GSPL), has been notified by BSE of a fine of Rs. 45,000 plus GST of Rs. 8,100 for failing to comply with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) in the quarter ending in December 2025. The company has informed the stock exchanges of this development.
GSPL explained that the company was temporarily non-compliant because of external factors beyond its control. The Energy & Petrochemicals Department (EPD) of the Gujarati government must approve the business’s selection of independent directors because it is a government-owned enterprise, the company said. In its appeal for a waiver of the penalties under SEBI’s SOP Circular dated 11th November 2024, GSPL referred to Regulation 17(1E) of SEBI LODR, which grants firms a maximum of three months to fill any director vacancy.
Rather than being the result of carelessness, the corporation stressed that the appointment delay was procedural and in accordance with SEBI’s requirements. The official request for the waiver has been made by GSPL to the stock markets.
