Gujarat State Petronet has received regulatory fines from both BSE and NSE for non-compliance with board composition requirements during the quarter ended December 2025. The company disclosed this development through regulatory filings, with the initial disclosure made on February 27, 2026, followed by an updated filing on March 1, 2026.

Combined Fine Details from Both Exchanges

Both BSE and NSE imposed identical penalties on the company for non-compliance with Regulation 17(1) of SEBI LODR regarding board composition requirements. The regulatory action pertains to the quarter ended December 2025.

Board Changes and Director Appointments

The non-compliance arose due to changes in the company's independent director positions during October 2025. On October 22, 2025, two independent directors completed their tenure - Dr. Sudhir Kumar Jain and Shri Bhadresh Mehta ceased to be directors at the close of business hours.

Simultaneously, the company appointed Shri Jayant Misra, IRS (Retd.) as Independent Director effective October 22, 2025, to fill one of the vacancies created by the tenure completions.

Unforeseen Resignation Creates Vacancy

A critical development occurred on October 15, 2025, when Shri Tapan Ray, IAS (Retd.), resigned from his position as Independent Director due to pre-occupation and personal commitments. This resignation was unforeseen and beyond the company's control, creating an additional vacancy in the board composition.

The company emphasized that as per Regulation 17(1E) of SEBI LODR Regulations 2015, any vacancy in director positions should be filled within three months from the date of vacancy. Since the resignation occurred on October 15, 2025, the company had until January 15, 2026, to fill this position.

Government Company Constraints and Payment Timeline

Gujarat State Petronet highlighted its unique position as a government company, where the power to appoint directors, including independent directors, vests with the Energy & Petrochemicals Department of the Government of Gujarat. This structural constraint limits the company's direct control over board appointments and composition.

Both exchanges have mandated that the company must pay the fines within 15 days from the date of their respective notices. Failure to comply may result in freezing of the entire shareholding of the promoter and potential suspension of trading.

Waiver Application Strategy

The company plans to seek waiver of the imposed fines under SEBI's Master Circular dated November 11, 2024. The waiver application will be based on the circumstances being unforeseen and beyond the company's control, coupled with the structural constraints of being a government entity where director appointments are controlled by the state government rather than the company's management.

For NSE waiver applications, the company must submit through the NEAPS portal with a non-refundable processing fee of ₹10,000 plus 18% GST, as the fine amount exceeds ₹5,000 exclusive of GST.

Source: None/Company/INE246F01010/c0def18c-188b-4525-b605-55d28ef4e9d1.pdf

Gujarat State Petronet Limited has announced that it has received an ESG rating of 65 Aspiring from NSE Sustainability Ratings & Analytics Ltd. The company informed both BSE Limited and National Stock Exchange of India Limited about this development through a regulatory filing dated February 21, 2026.

ESG Rating Details

The ESG rating reflects the company's performance across Environmental, Social and Governance parameters as evaluated by the rating agency. The company has received a score of 65 under the Aspiring category, indicating its commitment to sustainable business practices.

Independent Assessment Process

Gujarat State Petronet Limited clarified that it did not directly engage NSE Sustainability Ratings & Analytics Ltd for the evaluation or issuance of its ESG rating. The assessment was conducted independently by the rating agency using publicly available information about the company's operations and practices.

Information Accessibility

The company has ensured transparency by making the ESG rating information readily accessible to stakeholders through multiple channels:

• The rating is published on NSE Sustainability Ratings & Analytics Ltd's official website at www.nse-esgrating.com/esg-ratings
• Complete details are also available on Gujarat State Petronet's corporate website at gspcgroup.com/GSPC/
• Regulatory filing submitted to both BSE and NSE for official record

Corporate Governance Compliance

The announcement was made under Regulation 30 of the listing regulations, demonstrating the company's commitment to maintaining transparency with investors and regulatory compliance. The filing was digitally signed by Company Secretary Rajeshwari Sharma, ensuring proper authorization and documentation of this corporate disclosure.

This ESG rating provides investors and stakeholders with an independent assessment of Gujarat State Petronet's sustainability practices and governance standards, contributing to enhanced transparency in the company's environmental and social responsibility initiatives.