Bharat Petroleum Corporation Limited has been fined ₹14,66,740 by the Bombay Stock Exchange and the National Stock Exchange for non-compliance with SEBI listing regulations regarding board composition.

The penalties stem from a 91-day period during which the company failed to maintain the required quorum and committee structures. This non-compliance occurred because the tenure of its independent directors expired in March 2026, leaving the board without any independent members.

Regulatory Violations

The stock exchanges levied fines under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The specific violations relate to:

• Regulation 17(1) and 17(2A): Board composition requirements
• Regulation 18(1): Quorum for board meetings
• Regulation 19(1)/19(2): Constitution of the audit committee
• Regulation 20(2)/20(2A): Nomination and remuneration committee
• Regulation 21(2): Stakeholder relationship and risk management committees

As a government company, Bharat Petroleum relies on nominations from the Government of India for all director appointments. The company stated it has no control over these appointments and is actively following up for fresh nominations to reconstitute the board and its committees.

Financial Impact and Next Steps

The company disclosed that the non-compliance had no material impact on its financial or operational activities. However, it plans to approach both exchanges for a waiver of the fines, citing its lack of control over the appointment process as a mitigating factor.

The notices from both exchanges were received on August 25, 2026, and the company issued this intimation on August 26, 2026.

Bharat Petroleum Corporation Ltd board of directors approved the issuance of secured or unsecured redeemable Non-Convertible Debentures (NCDs) aggregating up to ₹5,000 crore. The company plans to raise these funds in one or more series or tranches, with a maximum of 10 tranches, within a period of one year.

The decision was taken during a board meeting held on August 18, 2026. The meeting commenced at 11:00 am and concluded at 3:45 pm.

Issuance details

The company disclosed that specific details regarding allotment and other terms for each series or tranche will be decided and communicated to the stock exchanges in the required format at the time of each issue.

Regulatory disclosure

The disclosure was made in compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows an earlier intimation dated August 13, 2026.