Hindustan Oil Exploration Company Limited has received penalty orders from the State Tax Officer, Chengalpattu, regarding defaults in Integrated Goods and Services Tax (IGST) payments on legal services received from outside India. The orders, received on July 15, 2026, and July 13, 2026, impose penalties totaling ₹586,314 along with tax demands and applicable interest. The company stated that the financial implications of these orders are not material and do not affect its financial position or operations.

Details of the Orders

The violations pertain to the non-payment of IGST under the Reverse Charge Mechanism for legal services availed during the financial years 2020-2021 and 2022-2023. The company is currently reviewing the contents of the orders and plans to file revised returns to discharge the raised demands.

Regulatory Disclosures

The intimation was submitted to the exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made by Baroruchi Mishra, Managing Director & CEO of Hindustan Oil Exploration Company Limited.

Hindustan Oil Exploration Company Limited was fined Rs 59,000 by both BSE Limited and National Stock Exchange of India Limited for failing to submit its audited financial results for the quarter and year ended March 31, 2026, within the regulatory timeline. The penalties, imposed on June 30, 2026, stem from a violation of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the fines include basic amounts plus GST and will be paid within the timelines prescribed by the respective exchanges.

The delay in filing was attributed to significant changes within the company's leadership and oversight structure. Specifically, the company cited changes in key management personnel, including the Managing Director and Chief Financial Officer, as well as alterations to the constitution of the Audit Committee. Additionally, a change in statutory auditors, necessitated by mandatory rotation requirements, contributed to the postponement. The company had intimated the exchanges regarding the potential delay on May 27, 2026, citing the need for adequate time to complete review and audit processes during this transition.

Despite the regulatory breach, the company stated there is no impact on its financial, operational, or other activities due to the levy of the fine. The audited financial results, both standalone and consolidated, were successfully submitted to the stock exchanges on June 11, 2026. The disclosure was made in accordance with Regulation 30 of the SEBI Listing Regulations and relevant SEBI master circulars.

Details of Regulatory Action

The following table outlines the specifics of the penalties imposed by the stock exchanges:

The company's Managing Director & CEO, Baroruchi Mishra, signed the disclosure confirming that the necessary payments would be made and that the results have since been filed.