Stock exchanges have slapped fines on state-owned oil and gas firms including IOC, ONGC and GAIL for their failure to meet listing requirements of having a requisite number of independent directors and women directors.
In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it.
Oil and Natural Gas Corporation (ONGC) was slapped a Rs 3.36 lakh fine, while Indian Oil Corporation (IOC) was asked to pay Rs 5.36 lakh fine.
