Hindustan Oil Exploration Company Pays Fine After Delayed Submission of Financial Results
Hindustan Oil Exploration Company Limited has addressed the non-compliance issue relating to the submission of its audited financial results, following fines imposed by stock exchanges for a delayed submission.The company confirmed that it paid the penalties levied by both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The fine was related to the non-compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
According to records, the penalty for failing to submit the audited financial results for the quarter and financial year ended March 31, 2026—a delay of 10 days—amounted to Rs. 59,000 per exchange after penalties were calculated with GST.
A detailed breakdown of the fine calculation is provided below:
| Regulation | Quarter | Fine amount per day (Rs.) | Days of non-compliance(s) | Base Fine (Rs.) | GST @18% (Rs.) | Total Fine Payable (Inclusive of GST) |
|---|---|---|---|---|---|---|
| Regulation 33 | 31-Mar-2026 | 5,000 | 10 | 50,000 | 9,000 | 59,000 |
Reasons for Delay and Rectification
The Board of Directors observed that the delay in submitting the financial statements was unintentional. The non-compliance arose primarily due to significant changes in the Company's leadership and governance structure during the reporting period. These transitions included changes in Key Managerial Personnel and Statutory Auditors, necessitating additional time for thorough review, handover of responsibilities, and completion of the audit and financial reporting processes.
The Board noted that prior to the statutory deadline under Regulation 33, the company had proactively informed the Exchange regarding the anticipated delay on May 27, 2026, and provided a detailed disclosure outlining the circumstances leading to the delay. The company eventually submitted the required financial results for the quarter and financial year ended March 31, 2026, on June 11, 2026.
The Board expressed sincere regret for the compliance delay and reiterated that timely financial reporting and regulatory adherence are paramount for the Company. Management was directed to initiate necessary corrective measures to strengthen the financial closing process and ensure such delays are not repeated in the future.
HINDOILEXP Stock Price Movement
On Wednesday, Hindustan Oil Exploration Company Limited shares shed value, settling at ₹162.36 after a 1.49% decline. The equity traded within an intraday range of ₹161.61 and ₹166.99, with 396,114 shares recorded in the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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