Oil India Limited disclosed that the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) levied a fine of ₹5,49,880 each for the quarter ended March 2026. The penalties were imposed due to non-compliance with specific regulations of the SEBI (LODR) Regulations, 2015. The company stated there is no material impact on its financials, operations, or other activities as a result of these fines.

The exchanges communicated the order via email on May 27, 2026. The action was taken under Regulation 17(1), 18(1), and 19(1)/19(2) of the SEBI (LODR) Regulations, 2015. These violations pertain to the non-appointment of the requisite number of Independent Directors, including one Woman Independent Director, and the composition of the Audit Committee and Nomination & Remuneration Committee.

Oil India Limited clarified that being a Government Company, the Directors on its Board are appointed by the President of India through the Ministry of Petroleum & Natural Gas (MoP&NG). The company asserted that it has been regularly requesting the ministry for the appointment of the requisite number of Independent Directors to comply with the regulations.

The company reiterated that the non-compliance regarding the composition of the Board, as well as the Audit and Nomination & Remuneration Committees, is beyond its control. It attributed this to the fact that director appointments are managed by the Government of India. The filing was signed by A.K. Sahoo, Company Secretary & Compliance Officer.

Oil India Limited's wholly owned subsidiary, OIL Green Energy Ltd. (OGEL), and Hindustan Waste Treatment Pvt. Ltd. (HWT) have signed a Joint Venture Agreement (JVA) to collaborate on integrated bioenergy and sustainable waste management projects in India. The partnership aims to establish a 50:50 joint venture company to pursue opportunities in compressed biogas (CBG), waste-to-energy, and allied sustainable infrastructure projects. This strategic move supports India's clean energy transition and circular economy objectives.

OGEL was established to drive Oil India's strategic initiatives in renewable and green energy sectors, including CBG and other emerging clean energy opportunities. Oil India is a Maharatna Central Public Sector Enterprise under the Ministry of Petroleum & Natural Gas, with a strong presence across the hydrocarbon value chain encompassing exploration, production, and transportation of crude oil and natural gas.

Hindustan Waste Treatment Pvt. Ltd. is a wholly owned subsidiary of SFC Environmental Technologies Ltd. and is recognized as a technology-driven company in the biogas sector. The company possesses expertise across design, engineering, construction, commissioning, operations, and maintenance of municipal solid waste-based bioenergy projects. HWT has successfully deployed advanced global technologies in India, including a municipal solid waste-based biogas plant in North Goa that has been operational for over a decade.

The proposed joint venture will explore opportunities in CBG, integrated waste-to-energy, and sustainable resource recovery projects across suitable geographies in India. The collaboration seeks to combine OGEL's institutional strength and strategic energy sector experience with HWT's technological and operational capabilities. Representatives from both organizations expressed confidence that the partnership would contribute towards India's vision of Atmanirbharbharata and energy self-reliance.