GSPL Seeks SEBI Fine Waiver Over Temporary Board Vacancy

Gujarat State Petronet Ltd. (GSPL), a Government of Gujarat enterprise, has informed stock exchanges that it has received a notice from BSE regarding a fine of Rs. 45,000 plus GST Rs. 8,100 for non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) during the quarter ended December 2025.

GSPL clarified that the temporary non-compliance arose due to unforeseen circumstances beyond the company’s control. The company highlighted that as a government-owned entity, the appointment of Independent Directors is subject to the approval of the Energy & Petrochemicals Department (EPD), Government of Gujarat.

Key events leading to the temporary vacancy:

Resignation of Shri Tapan Ray, IAS (Retd.) as Independent Director on 15th October 2025 due to personal commitments.
Completion of tenure of Dr. Sudhir Kumar Jain and Shri Bhadresh Mehta on 22nd October 2025.
Appointment of Shri Jayant Misra, IRS (Retd.) as Independent Director w.e.f. 22nd October 2025 to fill one of the vacancies.

GSPL cited Regulation 17(1E) of SEBI LODR, which allows companies a period of up to three months to fill any director vacancy, and requested a waiver of the fine under SEBI’s SOP Circular dated 11th November 2024.

The company emphasized that the delay in appointment was procedural and in line with SEBI’s regulations, and not due to negligence. GSPL has formally requested stock exchanges to record the waiver request.