MRPL and Bharat Dynamics Fined by Stock Exchanges for Board Composition Non-Compliance

Mangalore Refinery and Petrochemicals Limited (MRPL) and Bharat Dynamics Limited (BDL) each faced fines of Rs. 5,42,800 from BSE and NSE for non-compliance with SEBI's board composition regulations for the December 2025 quarter. Both public sector companies attribute the issue to government-controlled director appointments, with MRPL's nominations managed by the Ministry of Petroleum and Natural Gas and BDL's by the Ministry of Defence. Each company has sought a waiver, citing limited control over board appointments and ongoing non-compliance until government action.