Mangalore Refinery and Petrochemicals Limited has received a significant regulatory communication from GST authorities regarding Input Tax Credit issues spanning multiple financial years. The oil refining company disclosed the matter to stock exchanges under SEBI listing regulations on 31st March 2026.

Order Details and Financial Implications

The mangalore refinery & petroleum received Order-in-Original SI No MLR-CGST-000-NDN-ADC-SC-21-2025-26 from the Office of the Commissioner of Central Excise & Central Tax, Mangaluru on 30th March 2026 at 12:02 PM. The order addresses various issues related to the availment of Goods and Services Tax Input Tax Credit for an extended period.

Company's Response and Legal Strategy

MRPL has indicated that the financial impact would not be significant given the company's size and scale of operations. The management has expressed confidence in challenging the order, stating that the Order-in-Original is "not justified and unsustainable in law."

The company plans to take the following actions:

• Review the complete order thoroughly
• File an appeal against the order with appropriate legal authorities
• Ensure compliance with prescribed timelines for the appeal process

Regulatory Compliance and Disclosure

The disclosure was made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, specifically under the provision for communication from regulatory authorities. The company submitted Form-A detailing all aspects of the regulatory communication as required by SEBI guidelines.

The company has maintained that no specific aberrations or non-compliances were identified by the authority in the communication, and the matter primarily relates to GST Input Tax Credit availment issues that arose from a Show Cause Notice issued by the GST Department.

Mangalore Refinery and Petrochemicals Limited has announced the cessation of four Independent Directors from their positions, effective March 28, 2026. The company informed both BSE Limited and National Stock Exchange of India Limited about this significant board change through a regulatory filing dated March 27, 2026.

Directors Ceasing Office

The four Independent Directors who have ceased their positions following completion of their tenure are:

Committee Roles and Responsibilities

Each departing director held significant positions across various board committees:

Shri Rajkumar Sharma served as Chairman of both the Audit Committee and Nomination and Remuneration Committee.

Shri Manohar Singh Verma was a member of the Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee.

Shri Pankaj Gupta held the position of Chairman of the Stakeholders Relationship Committee and was a member of the Audit Committee, Corporate Social Responsibility & SD Committee, and Nomination and Remuneration Committee.

Ms. Cheruvally Nivedida Subramanian served as Chairman of the Corporate Social Responsibility & SD Committee and was a member of the Audit Committee, Stakeholders Relationship Committee, and Nomination and Remuneration Committee.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the cessation occurred upon completion of tenure, with no resignations involved. Company Secretary Premachandra Rao G signed the official communication to the stock exchanges.

Corporate Structure

Mangalore Refinery and Petrochemicals Limited operates as a Schedule 'A' Government of India Enterprise and functions as a subsidiary of Oil and Natural Gas Corporation Limited. The company maintains ISO 9001, 14001, and 50001 certifications and trades on both major Indian stock exchanges with scrip code 500109 on BSE and symbol MRPL on NSE.