Hindustan Oil Exploration Company Limited successfully completed its postal ballot process on March 30, 2026, with shareholders demonstrating strong support for proposed board restructuring initiatives. The company announced the results of three critical resolutions that will reshape its leadership structure.

Postal Ballot Overview

The postal ballot process was conducted through remote e-voting, with the notice dated February 25, 2026, and a cut-off date of February 20, 2026. The company had 93603 shareholders eligible to participate in the voting process.

Resolution Results

All three resolutions presented to shareholders were approved with requisite majority. The voting results demonstrated strong shareholder confidence in the proposed leadership changes.

Resolution 1: Chairman Appointment

Shareholders approved the appointment of Dr. Jagadip Narayan Singh (DIN: 00955107) as Non-Executive Independent Director and Chairman through a special resolution.

Resolution 2: Designation Change

The second resolution, an ordinary resolution, approved the change in designation of Mr. Baroruchi Mishra (DIN: 09223144) from Non-Executive Independent Director to Non-Executive Non-Independent Director.

Resolution 3: Managing Director Appointment

The third ordinary resolution approved the appointment of Mr. Baroruchi Mishra (DIN: 09223144) as Managing Director and CEO of the company.

Voting Pattern Analysis

The voting pattern showed strong institutional and retail investor support across all resolutions. Public institutions demonstrated unanimous support for the first two resolutions with 100.00% votes in favour, while showing 3.91% support for the Managing Director appointment. Public non-institutional shareholders maintained consistent support above 99.98% for all three resolutions.

Compliance and Process

The postal ballot was conducted in accordance with Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and relevant provisions of the Companies Act, 2013. S Sandeep & Associates, Company Secretaries, served as the scrutinizer for the voting process, ensuring transparency and compliance with regulatory requirements.

The company dispatched the postal ballot notice through email to shareholders whose email addresses were registered with depositories or the registrar and transfer agent. The notice was also published in newspapers including Business Line, Business Standard (Ahmedabad edition), and Loksatta (Vadodara edition) on February 28, 2026.

Leadership Transition

With the approval of these resolutions, Hindustan Oil Exploration Company has successfully implemented its board restructuring plan. Dr. Jagadip Narayan Singh will assume the role of Chairman, while Mr. Baroruchi Mishra transitions to Managing Director and CEO, marking a significant leadership change for the oil exploration company.

Hindustan oil exploration has completed the formal regulatory filing process for its CFO transition, submitting official documentation to stock exchanges on March 30, 2026, under Regulation 30 of SEBI Listing Regulations. The company filed comprehensive details regarding N. Sivalai Senthilnathan's resignation as Chief Financial Officer, including the original resignation letter dated December 29, 2025.

Official Regulatory Filing Details

The company submitted the regulatory intimation to both NSE (Stock Code: HINDOILEXP) and BSE (Stock Code: 500186) on March 30, 2026, providing complete documentation as required under SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The filing included the original resignation letter from N. Sivalai Senthilnathan, which was submitted on December 29, 2025, citing personal reasons for his departure.

Board Meeting Outcome and Leadership Transition

The board of directors meeting held on March 24, 2026, from 12:05 PM to 3:05 PM, formally transacted the CFO transition business. The board took note of N. Sivalai Senthilnathan's resignation as Chief Financial Officer effective March 28, 2026. 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.

New CFO Professional Background

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 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. He has extensive experience in joint venture governance, particularly in the Panna, Mukta and Tapti Joint Venture with Reliance Industries and ONGC.

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.