Mangalore refinery & petroleum has announced significant corporate developments following its board meeting held on March 03, 2026. The company, a subsidiary of Oil and Natural Gas Corporation Limited, has declared an interim dividend and recommended a new secretarial auditor appointment for shareholder approval.

Interim Dividend Declaration

The board has approved an interim dividend for the Financial Year 2025-26, providing attractive returns to shareholders. The dividend details are structured as follows:

The record date of March 11, 2026, has been fixed pursuant to Regulation 42 of SEBI (LODR) to determine shareholder eligibility for the interim dividend payment. Only shareholders holding shares on the record date will be entitled to receive the dividend.

Secretarial Auditor Appointment

The board has recommended the appointment of M/s Kumar Naresh Sinha & Associates, Practicing Company Secretary, as the company's secretarial auditor. This appointment requires shareholder approval at the ensuing Annual General Meeting.

Professional Background

Shri Naresh Kumar Sinha brings extensive experience to the role, with ten years of practicing as a Company Secretary. His professional background includes serving as ED & Company Secretary of ONGC Limited, a Maharatna PSU. He possesses over 40 years of comprehensive experience as a Company Secretary across PSUs and private sector companies, including his tenure as Company Secretary and Head Legal of BHEL. Currently, he serves as secretarial auditor for various listed and unlisted companies, including large PSUs.

Board Meeting Details

The board meeting was conducted on March 03, 2026, commencing at 16:00 hrs and concluding at 17:40 hrs. The decisions were made pursuant to Regulation 30 and Regulation 51 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. The company has communicated these developments to both BSE Limited and National Stock Exchange of India Limited as per regulatory requirements.

Mangalore Refinery & Petroleum Limited has disclosed receiving non-compliance notices and fines from both major stock exchanges for violating board composition requirements during the third quarter of FY26. The company made this disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Non-Compliance Details

The notices from BSE Limited and National Stock Exchange of India Limited pertain to non-compliance with provisions of Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding board composition for the quarter ended December 31, 2025.

Company's Response and Waiver Request

MRPL has already submitted representations to both exchanges seeking waiver of the imposed fines. The company's request is based on its unique status as a Central Public Sector Enterprise (CPSE), where the nomination of directors on the board is exclusively handled by the Administrative Ministry.

The company emphasized that being a CPSE under the Ministry of Petroleum and Natural Gas, Government of India, the composition of its board is determined by the administrative ministry rather than through independent selection processes. This structural arrangement, inherent to public sector enterprises, forms the basis of MRPL's waiver application.

Regulatory Framework

The fines were levied under Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates specific board composition requirements for listed companies. These regulations are designed to ensure corporate governance standards and independent oversight in publicly traded entities.

The disclosure was made by Company Secretary Premachandra Rao G on March 2, 2026, fulfilling the company's obligation to inform stakeholders about material developments affecting regulatory compliance.