Bharat Petroleum Corporation Limited will hold its 73rd Annual General Meeting (AGM) on Thursday, August 27, 2026, via Video Conferencing to approve a strategic entry into the digital payments sector. The most material agenda item is a special resolution to amend the company’s object clause in the Memorandum of Association, enabling operations in electronic payment systems including Unified Payments Interface (UPI) and Bharat Quick Response (QR) codes. This move aims to establish an integrated, self-owned payments ecosystem to capture customer data, reduce dependency on third-party aggregators, and lower merchant discount rates.

The meeting will also transact ordinary business, including the adoption of audited financial statements for the financial year ended March 31, 2026, and confirmation of interim dividends. Shareholders will vote on the reappointment of Vetsa Ramakrishna Gupta as Director and the appointment of Vedveer Arya and Pushp Kumar Nayar as Directors. Additionally, the Board seeks ratification for the remuneration of cost auditors for FY 2026-27.

Strategic Expansion into Payments

The proposed amendment to Clause 3(a)(ix) of the Memorandum of Association permits the company to undertake business related to electronic and virtual payment systems. This includes payment aggregation, e-wallets, mobile wallets, cash cards, payment gateways, and Near Field Communication (NFC) payments. The resolution allows collaborations with banks, financial institutions, and Non-Banking Financial Companies (NBFCs) to implement this ecosystem. Management cites end-to-end data ownership, cost optimization, and enhanced customer experience as primary drivers for this expansion.

Director Appointments

The AGM will finalize the composition of the Board with three key resolutions:

• Vetsa Ramakrishna Gupta: Reappointment as Director by rotation. He serves as Director (Finance) and has been instrumental in Project Aspire and the merger of Bharat Oman Refineries Limited and Bharat Gas Resources Limited.
• Vedveer Arya: Appointment as Director. An Additional Secretary & Financial Advisor at the Ministry of Petroleum & Natural Gas, he was initially appointed as an Additional Director on March 09, 2026.
• Pushp Kumar Nayar: Appointment as Director (Human Resources). He brings over 35 years of experience in marketing and HR functions within BPCL and was appointed as an Additional Director on May 27, 2026.

Cost Auditor Remuneration

Shareholders are asked to ratify the remuneration of cost auditors for FY 2026-27 under Section 148 of the Companies Act, 2013. The fee increase is attributed to the expanded scope of work following the commissioning of biofuel plants for ethanol production and the planned commissioning of the Rasayani Lubricants Oil Blending Plant.

Voting and Logistics

The remote e-voting period runs from Saturday, August 22, 2026, at 9:00 A.M. to Wednesday, August 26, 2026, at 5:00 P.M. The record date for voting rights is Thursday, August 20, 2026. Members holding shares in physical form must register nominations via Form SH-13 with KFin Technologies Limited. Unclaimed dividends for FY 2018-19 become due for transfer to the Investor Education & Protection Fund on October 04, 2026, if not claimed.

Bharat Petroleum has appointed Amit Kumar as its Chief Procurement Officer (CPO Mktg.), effective August 1, 2026. The appointment ensures continuity in procurement operations for the marketing segment following the superannuation of outgoing CPO Kani Amudhan N and Executive Director (IS) U. S. N. Bhat, both of whom retired on July 31, 2026. This leadership transition maintains stability in the company’s supply chain management during a period of senior management change.

The disclosure was filed with the Bombay Stock Exchange and the National Stock Exchange of India Ltd. in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. V. Kala, Company Secretary of Bharat Petroleum Corporation Limited, signed the filing on August 1, 2026. The filing confirms that the changes are part of routine senior management transitions due to retirement.

Leadership Transitions

The update involves two retirements and one new appointment within the senior management team:

Amit Kumar holds a B.E. in Electrical Engineering from the Birla Institute of Technology, Mesra. His professional background includes experience across various roles in Retail and CPO (Mktg) functions within the company prior to this appointment. His internal experience is expected to facilitate a smooth transition in the procurement leadership role.