Hindustan oil exploration has completed the formal board approval process for its CFO transition, with the board of directors meeting on March 24, 2026, to officially approve the leadership change and file the required regulatory disclosures under Regulation 30 of SEBI Listing Regulations.

Board Meeting Outcome and Regulatory Compliance

The board meeting, which commenced at 12:05 PM and concluded at 3:05 PM on March 24, 2026, formally transacted the CFO transition business. The board took note of N. Sivalai Senthilnathan's resignation as Chief Financial Officer effective March 28, 2026, due to personal reasons. Based on recommendations from both the Nomination and Remuneration Committee and Audit Committee, the board appointed Allen Joseph Andrade as the new CFO effective April 1, 2026.

The company filed the regulatory disclosure with both NSE (Stock Code: HINDOILEXP) and BSE (Stock Code: 500186) pursuant to SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Enhanced Professional Profile of New CFO

Allen Joseph Andrade brings over 40 years of international leadership experience across multiple sectors, with particular expertise in the Oil and Gas industry. He is a Fellow Chartered Accountant (FCA) with prestigious global certifications including ACMA (UK) and AICPA (USA). His educational credentials include advanced Senior Management Development programs at XLRI Jamshedpur and the ISB/Kellogg School of Management (USA).

Andrade's technical expertise has been enhanced through specialized training in Oil & Gas Production Sharing Contracts (PSCs) from premier institutions in the UK, Singapore, and Australia. His distinguished track record includes serving as VP/CFO for BG (Shell Upstream) in India, where he was responsible for financial strategy formulation, tax optimization, divestments, and regulatory compliance.

Joint Venture and Regulatory Experience

The new CFO has extensive experience in joint venture governance, particularly in high-stakes operations. He played a key role in creating and preserving organizational value through JV governance in the Panna, Mukta and Tapti Joint Venture with Reliance Industries and ONGC. This involved direct dealings with joint venture partners, the Directorate General of Hydrocarbons (DGH), and the Ministry of Petroleum and Natural Gas (MOPNG).

His executive experience also spans other sectors, including roles as COO at Universal Music and EMI/Virgin, and Finance Head at BNP Paribas, where he successfully managed the transition from state-owned to private listing.

Board Committee Reconstitution

Effective April 1, 2026, the board has reconstituted its subcommittees in accordance with the Companies Act, 2013 and SEBI Listing Regulations, 2015. The Corporate Social Responsibility Committee and Risk Management Committee have been restructured with updated member compositions to ensure continued compliance and governance standards.

Hindustan Oil Exploration Company Limited has issued a formal clarification to BSE Limited regarding recent price movements in its shares, responding to an inquiry from the stock exchange dated March 10, 2026.

Company's Response to BSE Inquiry

The oil exploration company submitted its response on March 11, 2026, addressing BSE's reference number L/SURV/ONL/PV/APJ/2025-2026/3419 concerning share price movement. The clarification was signed by G. Josephin Daisy, Company Secretary & Compliance Officer, and submitted through digital means.

Regulatory Compliance Statement

The company emphasized its adherence to regulatory disclosure requirements, stating that it has been periodically disseminating updates to the stock exchange on all events and information that have a bearing on the company's operations and performance. This includes all price-sensitive information as mandated under SEBI regulations.

Hindustan Oil Exploration confirmed its compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which governs the disclosure of material events and information by listed companies.

Company's Position on Price Movement

The management stated that the company is not aware of specific reasons for the price movement in its securities. However, it reaffirmed its commitment to continue submitting all material and price-sensitive information to stock exchanges in a timely manner, ensuring transparency and regulatory compliance.

The company's registered office is located at 'Lakshmi Chambers', 192, St. Mary's Road, Alwarpet, Chennai - 600 018, and it maintains regular communication channels with investors and regulatory bodies through its official contact mechanisms.