Gandhar Oil Refinery: Mrs. Deena Mehta Steps Down as Non-Executive Independent Director
Gandhar Oil Refinery (India) Ltd. disclosed the resignation of Mrs. Deena Mehta (DIN: 00168992) as Non-Executive Independent Director effective May 12, 2026, due to pre-occupation with other business activities. Consequently, she ceases to be a member of the Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee. The disclosure was made under Regulation 30 of SEBI Listing Regulations, signed by Compliance Officer Binal Khosla.
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Gandhar Oil Refinery (India) Ltd. has informed the stock exchanges of the resignation of Mrs. Deena Mehta (DIN: 00168992) from her position as Non-Executive Independent Director, effective May 12, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Part A of Para A of Schedule III of the said Regulations. Mrs. Mehta confirmed in her resignation letter email dated May 12, 2026, that there are no material reasons for her resignation other than those stated therein.
Reason for Resignation
Mrs. Deena Mehta cited pre-occupation with her other business activities as the reason for stepping down from the Board of Gandhar Oil Refinery (India) Ltd. She confirmed that there is no other material reason for her resignation beyond what has been communicated. The company has acknowledged and accepted her resignation with immediate effect.
Key Details of the Cessation
The following table summarises the key details of Mrs. Deena Mehta's resignation as required under Regulation 30 of the SEBI Listing Regulations:
| Parameter: | Details |
|---|---|
| Name: | Mrs. Deena Mehta |
| DIN: | 00168992 |
| Designation: | Non-Executive Independent Director |
| Reason: | Pre-occupation with other business activities |
| Date of Cessation: | May 12, 2026 |
| Material Reason (other than stated): | None confirmed |
As a consequence of her resignation, Mrs. Mehta also ceases to be a member of the following board-level committees at Gandhar Oil Refinery (India) Ltd.:
- Audit Committee
- Nomination and Remuneration Committee
- Risk Management Committee
Directorships and Committee Memberships in Other Listed Entities
As disclosed under the applicable SEBI regulations, Mrs. Deena Mehta holds directorships and committee memberships in other listed entities, details of which are as follows:
| Listed Entity: | Category of Directorship | Committee Memberships |
|---|---|---|
| Asit C. Mehta Financial Services Limited | Non-Executive – Non Independent Director | Chairperson, Stakeholder Relationship Committee; Member, Nomination and Remuneration Committee |
| Fino Payments Bank Limited | Non-Executive – Independent Director | Chairperson, Audit Committee; Member, Nomination & Remuneration Committee; Member, Risk and Asset Liability Management Committee |
| Anand Rathi Wealth Limited | Non-Executive – Independent Director | Member, Audit Committee; Member, Risk Management Committee; Chairperson, Nomination & Remuneration Committee; Chairperson, Stakeholder Relationship Committee |
Regulatory Compliance
The resignation has been disclosed in accordance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The letter of resignation along with detailed reasons has been enclosed as Annexure II to the regulatory filing. The disclosure has also been made available on the company's investor relations website. The filing was signed by Binal Khosla, Compliance Officer and Company Secretary (Mem. No.: A 29802), on behalf of Gandhar Oil Refinery (India) Ltd.
Historical Stock Returns for Gandhar Oil Refinery
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +5.09% | -1.97% | +10.40% | +3.41% | -1.46% | -50.24% |
Who will Gandhar Oil Refinery appoint as a replacement Independent Director to maintain regulatory compliance with SEBI's minimum board composition requirements?
How might the simultaneous vacancy in three key committees — Audit, Nomination & Remuneration, and Risk Management — impact Gandhar Oil Refinery's governance and decision-making in the near term?
Could Mrs. Deena Mehta's increased focus on her roles at Fino Payments Bank and Anand Rathi Wealth signal upcoming strategic initiatives or leadership changes at those companies?
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