Gujarat state petronet Limited has announced a key senior management appointment, bringing in experienced industry professional Shri Saarthak Gautam to strengthen its operational leadership team. The appointment reflects the company's continued focus on enhancing its management capabilities across critical business functions.

Appointment Details

The company has disclosed the appointment under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The following table summarizes the key appointment parameters:

Professional Background

Shri Saarthak Gautam brings relevant industry experience to his new role at Gujarat State Petronet Limited. Prior to joining GSPL, he was working with Gujarat State Petroleum Corporation Limited, where he served as General Manager handling M&L, C&P and E&C functions. This background provides him with comprehensive understanding of the petroleum and petrochemicals sector operations.

Role and Responsibilities

In his new position, Gautam will oversee multiple critical business areas including:

• Design & Engineering (D&E) operations
• Procurement functions
• Operations & Maintenance (O&M) activities
• Health, Safety and Environment (HSE) oversight
• Department head responsibilities

The appointment strengthens GSPL's operational management structure by consolidating key functions under experienced leadership. His role as Head of Department indicates significant operational authority within the organization's hierarchy.

Regulatory Compliance

Gujarat State Petronet Limited has fulfilled its disclosure obligations by informing both BSE Limited and National Stock Exchange of India about this senior management change. The company has provided comprehensive details as required under SEBI regulations, including the appointee's background, role specifications, and reporting structure. This information will also be made available on the company's official website at www.gspcgroup.com for stakeholder access.

Gujarat State Petronet Limited's board has decided to seek waiver of regulatory fines imposed by stock exchanges for non-compliance with board composition requirements during the third quarter of fiscal year 2026.

Exchange Penalties and Board Response

Both BSE and NSE imposed identical fines on the company for alleged non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The penalties relate to board composition requirements during the quarter ended December 31, 2025.

Regulatory Communication Timeline

The company received penalty notices from both exchanges on February 27, 2026. BSE sent an additional follow-up communication on March 4, 2026, requesting details of fine payment or waiver application. The exchanges provided 15 days from the notice date for compliance and payment.

Board Meeting and Decision

During the board meeting held on March 11, 2026, directors reviewed the penalty notices from both exchanges. After considering the facts and circumstances, the board advised management to file waiver applications with BSE and NSE for the alleged non-compliance.

The board's decision was communicated to the exchanges as required under SEBI Master Circular provisions, which mandate that penalty matters and subsequent board actions be disclosed to exchanges for dissemination.

Non-Compliance Details

NSE's penalty calculation shows the company was non-compliant for 9 days at Rs. 5,000 per day, totaling Rs. 45,000 in basic fine. The non-compliance specifically relates to board composition requirements under Regulation 17(1), which covers:

• Board composition including failure to appoint woman director
• Requirements for independent directors
• Overall board structure compliance

Waiver Application Process

The exchanges outlined specific procedures for waiver applications:

• Applications must be submitted through designated online portals
• Processing fees of Rs. 10,000 plus 18% GST required for fines exceeding Rs. 5,000
• Detailed reasons for waiver must be provided
• Compliance achievement is prerequisite for waiver processing

The company now has the option to either pay the imposed fines or pursue the waiver route through proper channels as advised by the board.

Source: None/Company/INE246F01010/c5387b70-f064-4c95-8ea9-52e3a1d1b69e.pdf