Get latest articles and stories on Latest News at LatestLY. State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) Ltd have been slapped with fines for the fourth straight quarter for failing to meet listing requirements of having the requisite number of directors on their board. Latest News | IOC, GAIL, ONGC Fined for Fourth Straight Quarter for Failure to Appoint Directors.